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punkin75
New Member

Should I depreciate or expense 6 breeding animals purchased 5 yrs ago for <$200 each? Filing as Self Employed Farming first time. Can I expense them in 2017?

 
1 Reply
PaulaM
Expert Alumni

Should I depreciate or expense 6 breeding animals purchased 5 yrs ago for <$200 each? Filing as Self Employed Farming first time. Can I expense them in 2017?

Most common purchased breeding livestock used on farms are entered as an asset and depreciated (hogs, sheep, cattle, horses, goats, etc).

See Cattlerancher's answer below for reference.

https://ttlc.intuit.com/questions/3910493-do-i-enter-farm-animals-purchased-for-breeding-under-asset...

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