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Taxes&Cattle?
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<blockquote data-quote="Caustic Burno" data-source="post: 325677" data-attributes="member: 694"><p>I can tell you are really new you are going to have a long row to hoe with this thinking and some high priced lesson's. You write off the cow that you bought you write off the feed and upkeep on the retained heifer you have written all the cost off . You have written off all the cost of running the business there is nothing left to write off. The heifer in you pasture has no value as all of her expensess have already been written off in raising the heifer. When you sell the heifer it goes in the profit column and the buyer in the expense column to be depreciated.</p><p>Trying to claim a value on a retained heifer is double dipping the IRS will catch that one as well if you are not turning over cattle for sales it will come a hobby in a few years.</p></blockquote><p></p>
[QUOTE="Caustic Burno, post: 325677, member: 694"] I can tell you are really new you are going to have a long row to hoe with this thinking and some high priced lesson's. You write off the cow that you bought you write off the feed and upkeep on the retained heifer you have written all the cost off . You have written off all the cost of running the business there is nothing left to write off. The heifer in you pasture has no value as all of her expensess have already been written off in raising the heifer. When you sell the heifer it goes in the profit column and the buyer in the expense column to be depreciated. Trying to claim a value on a retained heifer is double dipping the IRS will catch that one as well if you are not turning over cattle for sales it will come a hobby in a few years. [/QUOTE]
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