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posted Jun 6, 2019 6:48:32 AM

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?

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1 Replies
Employee Tax Expert
Jun 6, 2019 6:48:34 AM

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...