Dead cows

[THERRELL]

How do you claim dead cow on schedule f? What form do use use? Margaret

[spanel]

How do you claim dead cow on schedule f? What form do use use? Margaret

Depends!

Is its a cow that was bought and was/is depreciated?

Is its a cow that was bought and put in inventory?

Is its a cow that was born on the farm?

Chris

[THERRELL]

Dead cow

The cow was raised by the farmer.

[spanel]

The cow was raised by the farmer.

So is that option #3? Born on the farm?


Chris

[TaxmannEA]

If you're referring to purchased breeding stock, you would report on Form 4797. Sale price would be 0 show basis as cost minus depreciation taken. For raised breeding stock, there would be no basis as the cost or raising the cow would have already been taken through normal farm expenses. If no basis, then it wouldn't be necessary to report as there would be no gain or loss. If insurance reimbursement is involved (lightning strike, etc.) then you would use the casualty loss form. Breeding stock is not shown on the Sch. F as it is a capital asset and the gain or loss on disposition is not subject to SE tax.

[Jiggers]

The cow was raised by the farmer.

No deduction for the cow that died that was raised by the farmer. He already wrote off all the expenses of raising the cow.
Same with raised calves that died.

You might get IRS Pub 225 on farmers.

[THERRELL]

Dead cow

Yes born on farm. Raised by owner.

[RitaB]

Lay the issue to rest arr arr

Agree with Jiggers.