Since this is my first experience with this I am seeking confirmation.
Hay purchased for the feeding of cows (not owned, land is leased to someone but lease agreement says they pay for all expenses and take care of the cows) is all deductible in year purchased unless the cost allocated to next year is more than 50% of all other expenses.
The expenses for purchased hay have nothing to do with inventory or materials and supplies. Do I have this right?
Thank you.
Hay purchased for the feeding of cows (not owned, land is leased to someone but lease agreement says they pay for all expenses and take care of the cows) is all deductible in year purchased unless the cost allocated to next year is more than 50% of all other expenses.
The expenses for purchased hay have nothing to do with inventory or materials and supplies. Do I have this right?
Thank you.
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