Posted by Mike (WA) on December 27, 2011 at 02:20:13 from (174.31.195.75):
In Reply to: OT tax question posted by jordan watson on December 26, 2011 at 15:32:13:
The wrong tax person is the guy who said you can't claim the cows. Get somebody who knows farm tax returns- Its a specialized area, and you either know it or you don't. In his defense, he may have meant you can't "claim" them by simply deducting the whole cost on one year's return- as others have said, you have to depreciate the breeding stock, and take profit or loss on the young stock when yoy sell them.
Reminds me of the time about 30 years ago when my sister was saying what a great deal they got going to H & R Block. I was dubious, but she said they had a money-back guarantee if they got it wrong. Sure enough, they had never even heard of the Investment Tax Credit, which (at that time) let you get a 7% tax credit (in addition to depreciation) on equipment purchases. And, they got the depreciation wrong.
Sis had to practically arm wrestle them to get the refund, but she's particularly good at that, and she prevailed. BTW, H&R advanced the interesting defense that they couldn't be held responsible for "obscure" tax provisions that they didn't know about. She responded that if her dopey little brother knew about it, they should have, too.
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