Posted by tjdub on December 26, 2011 at 18:57:58 from (208.74.246.137):
In Reply to: OT tax question posted by jordan watson on December 26, 2011 at 15:32:13:
Cattle purchased for breeding depreciate as 5-year property (usually). After the 5 years are up, they're just operating costs and aren't depreciated at all. Same goes for heifers you keep, they never get depreciated. If you sell any of those animals before the 5 years is up (likely), it gets a little more complicated because you have to adjust the depreciation schedule.
I think there are also ways to depreciate as 7-year property and take bonus depreciation on young cattle.
Best to talk to an accountant especially for your first year. If not much changes from year to year, you can probably figure it out yourself after that just be looking at what the accountant did the previous year.
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