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can i write off buying cattle

 
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1 Reply
JohnB5677
Employee Tax Expert

can i write off buying cattle

Possibly, if you're in a business or a farm that uses them for business purposes, like:

  • Selling beef
  • Selling dairy products

The deduction can be taken

  • In the year of sale or slaughter (for resale/feeder cattle) 
  • Or through depreciation (for breeding/dairy cattle). 

Please see the post by @ValerieE

Also see the IRS Fact sheet Reporting Farm Income and Expenses

 

 

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