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Business & farm
Cows are not a brand new asset, don't click that box. Yes, that is a confusing question.
When you add the asset of 5, yes you add your actual cost for those 5 cows. After checking the box sold/disposed of, enter the date they died, use an average date. They just want to know how long you owned them, S/T gain or L/T gain. After entering the date click Continue, next click NO, next enter the sales price as $0 and click sec 1245 cattle and horses. Done. You should be able to review form 4797, part ll to see your loss. Note; Breeding stock does qualify for sec 179 if you choose to use it.
When you add the asset of 5, yes you add your actual cost for those 5 cows. After checking the box sold/disposed of, enter the date they died, use an average date. They just want to know how long you owned them, S/T gain or L/T gain. After entering the date click Continue, next click NO, next enter the sales price as $0 and click sec 1245 cattle and horses. Done. You should be able to review form 4797, part ll to see your loss. Note; Breeding stock does qualify for sec 179 if you choose to use it.
‎June 5, 2019
3:08 PM