I am trying to enter in a farm asset. it asks if "I purchased this asset NEW" does this mean new to me, new asset for me, brand new tractor?

[Cattlerancher]

I believe that's correct, your neighbor (the fence builder) should claim FMV of the three bartered heifers as income. Not you. I doubt barter income is claimed very often though, unless you were to issue a 1099-misc reporting the trade. In that case, you should have issued it by January 31, 2017. It's hard to conform to all the regulations and expectations put on businesses~~~~~~even when you try.

[ams3261]

Yes I agree, I was just saying yesterday that if ever audited hope they can see that I tried 🙂 Thank you for all of the great advice and support!

[Cattlerancher]

You are welcome

[NancyG]

No, it means never used before. Did you purchase a new to you "used" tractor or a "brand new" one?

[ams3261]

we bought a used tractor

[ams3261]

can i ask another question?

[Cattlerancher]

Surely-----

[ams3261]

I bought 38 head of cattle that i have listed as asset for depreciation. Unfortunately I lost 5 to death. How do I list the loss? Under "cost of items bought for resale" under Farm Income?