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How to put a small investment, such as a purchase of livestock for a small farm, on my taxes. And also how to put my lost cost and feed costs on there as well

 
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How to put a small investment, such as a purchase of livestock for a small farm, on my taxes. And also how to put my lost cost and feed costs on there as well

It depends on what the livestock purchased is used for in your farm business. Breeding stock? Growth/gain? How do you intent to profit with this purchase. Then I can give you entry/sale details.

How to put a small investment, such as a purchase of livestock for a small farm, on my taxes. And also how to put my lost cost and feed costs on there as well

I purchased 12 pregnant sheep for the purpose of breeding them and just making some extra income in the future with selling a few babies every now and then when they have their lambs. I lost 5 so far so I would like to add that to records as well. Thanks!

How to put a small investment, such as a purchase of livestock for a small farm, on my taxes. And also how to put my lost cost and feed costs on there as well

If you are using TT premier online, you will need to upgrade to Self Employed to get schedule F support.

Your breeding stock is entered as a business asset much the same as a tractor would be. In TT, there is a category specifically for breeding stock.

The cost of feed is an expense and entered in the year they were paid.

The loss of 5 lambs is just that. 5 less lambs to sell, there is no other entry in TT for a loss of raised farm products because you expensed the cost of raising them.

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