Client has cows that can be raised for beef and can be bred. If raised for beef they must be inventoried, If bred they can be depreciated. Confused on how to handle.

jdayfkin1 · ‎September 29, 2023

Also would like advice on how to determine the salvage value of livestock (horses and cows for breeding. Appreciate any advice you have.

xmasbaby0 · ‎September 29, 2023

"Client?" Are you a paid tax preparer? TurboTax cannot be used by paid preparers. If you are being paid to prepare a tax return you need to use the professional tax software.

https://proconnect.intuit.com/?s_cid=TT.com_MoreProds-Footer_ProTaxSoftware

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

jdayfkin1 · ‎September 29, 2023

No I am helping a friend who has purchased a farm and is asking me for help. I though this would be a question the TT Community could help with.

xmasbaby0 · ‎September 29, 2023

@jdayfkin1 I hope someone can help. I am not aware of any of the "Champs" who usually reply in this forum who have expertise in livestock issues, though. You might need to seek local advice.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Expert does your taxes

Do it yourself

Resources

Support

Client has cows that can be raised for beef and can be bred. If raised for beef they must be inventoried, If bred they can be depreciated. Confused on how to handle.