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I lost livestock that I raised during hurricane Harvey can I deduct this as a casualty loss

 
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I lost livestock that I raised during hurricane Harvey can I deduct this as a casualty loss

If this was livestock that was born on your farm, the livestock doesn't have a cost basis, so there is no loss to deduct.

If you purchased the livestock, you can claim the casualty loss for any purchased livestock you lost.

You can find additional information about the Casualty Loss Deduction by clicking here

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Highlighted
New Member

I lost livestock that I raised during hurricane Harvey can I deduct this as a casualty loss

If this was livestock that was born on your farm, the livestock doesn't have a cost basis, so there is no loss to deduct.

If you purchased the livestock, you can claim the casualty loss for any purchased livestock you lost.

You can find additional information about the Casualty Loss Deduction by clicking here

View solution in original post