topic How to put a small investment, such as a purchase of livestock for a small farm, on my taxes. And also how to put my lost cost and feed costs on there as well in Get your taxes done using TurboTax

How to put a small investment, such as a purchase of livestock for a small farm, on my taxes. And also how to put my lost cost and feed costs on there as well

mrswestern96 — Thu, 06 Jun 2019 09:15:44 GMT

It depends on what the livestock purchased is used for in...

Cattlerancher — Thu, 06 Jun 2019 09:15:45 GMT

It depends on what the livestock purchased is used for in your farm business. Breeding stock? Growth/gain? How do you intent to profit with this purchase. Then I can give you entry/sale details.

I purchased 12 pregnant sheep for the purpose of breeding...

mrswestern96 — Thu, 06 Jun 2019 09:15:48 GMT

I purchased 12 pregnant sheep for the purpose of breeding them and just making some extra income in the future with selling a few babies every now and then when they have their lambs. I lost 5 so far so I would like to add that to records as well. Thanks!

If you are using TT premier online, you will need to upgr...

Cattlerancher — Thu, 06 Jun 2019 09:15:50 GMT

If you are using TT premier online, you will need to upgrade to Self Employed to get schedule F support.

Your breeding stock is entered as a business asset much the same as a tractor would be. In TT, there is a category specifically for breeding stock.

The cost of feed is an expense and entered in the year they were paid.

The loss of 5 lambs is just that. 5 less lambs to sell, there is no other entry in TT for a loss of raised farm products because you expensed the cost of raising them.