Posted by JDseller on December 26, 2011 at 16:06:28 from (208.126.196.144):
In Reply to: OT tax question posted by jordan watson on December 26, 2011 at 15:32:13:
You can depreciate Brood cows, breeding bulls and replacement heifers. It does change what you can then deduct later on. My tax guys says that it complicates your standard deductions. So I just keep track of them on a cash basis just like purchased feeder cattle. I don't use them for a deduction now but just declare a profit or loss whenever they leave the herd.
Example: Brood cow Purchase price:$1500 own her ten years and then sell her as a slaughter cow. Get $800 for her. I then claim a $700 loss. If she had died I would have claimed the whole $1500 as a loss.
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Today's Featured Article - Memories of a Farmall C - by Monty Bradley. When I was a child, my grandparents lived on a farm owned by a Mr. Walters. The crops raised were cotton and soybeans, with about forty head of mixed breed cattle. Mr. Walters owned two tractors then. A Farmall 300 on gasoline and a Farmall C, that had once belonged to his father-in-law, and had been converted from gasoline to LP Gas. Many times, as a small boy, I would cross the fence behind the house my grandparents lived in and walk down the turn row to where granddaddy would be cultivati
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