topic Bought calf how do I enter that in Get your taxes done using TurboTax

Bought calf how do I enter that

sherrissmith — Thu, 06 Jun 2019 13:40:33 GMT

How you enter the purchase of this calf depends on why yo...

Cattlerancher — Thu, 06 Jun 2019 13:40:35 GMT

How you enter the purchase of this calf depends on why you bought it. Your plans for the calf.

If you bought it to grow the calf for weight gain and then resell it, you enter the cost of the calf on line 1b, the gross proceeds on 1a and the net gain/loss on 1c of schedule F in the year you sell it.

If you bought the calf to breed when it reaches maturity, you enter your original cost as an asset in the year you expose it to the opposite sex (generally two years of age). This is when you "place it into service of your business as breeding stock".

If you bought the calf to raise as back yard beef, it's not a deductible farm business expense.

To enter that livestock, you would need to follow the dir...

ElizabethP — Thu, 06 Jun 2019 13:40:37 GMT

To enter that livestock, you would need to follow the directions below to jump to the Farm income.

Type Farm Income into your Search Box at the top of the screen after you log into your return
Click the Jump to Farm Income link in the search results.
Scroll down to the Farm Assets section and select Start/Edit.
You will then walk through this section and add your livestock (it is one of the selections) to your schedule F, Farm Income and Expenses form.

Livestock that is purchased is an asset and should be ent...

Critter — Thu, 06 Jun 2019 13:40:40 GMT

Livestock that is purchased is an asset and should be entered as such ... it is NOT an expense.