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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Schedule F - Cattle Question
Schedule F - Cattle Question
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Ev_G
Level 1
04-19-2022
10:49 PM
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I am working on a farm tax return. Would cattle purchased be an expense or would the cattle be an asset? If so, would it be depreciable?
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itonewbie
Level 15
04-20-2022
06:28 AM
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I don't do farm returns but I'd think the answer would depend on whether the cattle is held primarily for sale to customers. If it is, that's part of the inventory without depreciation. If it's not, depreciation may then be taken. But I understand there are also special rules.
Have you checked out Pub 225?
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jeffmcpa2010
Level 11
04-20-2022
08:09 AM
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Breeding Cattle are "normally" depreciable assets. Feeder cattle would "normally" be inventory.
