Lost a Cow Yesterday

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gcreekrch
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Re: Lost a Cow Yesterday

Postby gcreekrch » Tue Dec 11, 2018 10:55 pm

snoopdog wrote:
gcreekrch wrote:No matter how hard you try, you can't kill them all...…….

Every one hurts.
They find a way to do it themselves, we have been fortunate this time around so far, knock wood. But it will come.



Have had 3 cows and 2 calves commit suicide in the last 2 months. He who has, must lose.....
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Nesikep
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Re: Lost a Cow Yesterday

Postby Nesikep » Wed Dec 12, 2018 12:26 am

gcreekrch wrote:
snoopdog wrote:
gcreekrch wrote:No matter how hard you try, you can't kill them all...…….

Every one hurts.
They find a way to do it themselves, we have been fortunate this time around so far, knock wood. But it will come.



Have had 3 cows and 2 calves commit suicide in the last 2 months. He who has, must lose.....

ouch.. I lost one of my best this spring, and for suicide, I think my calf I lost in August takes the cake.. got stuck in a saskatoon bush and got hypoxic and dehydrated... I got him physically back to life, but he'd lost all eating/drinking/nursing notions.. I tubed him for 2 weeks and when the milk replacer ran out he got a .22.. one of the strangest cases I've seen
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sstterry
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Re: Lost a Cow Yesterday

Postby sstterry » Wed Dec 12, 2018 9:19 am

snoopdog wrote:They also sell receipt books at walmart, scribbly scribbly, doctor signature-800dollars, do not get the numbered ones. I am not advocating cheating on your taxes, this has been a public service announcement.


Only $800? This was a high dollar cow! And she is getting more valuable as every day passes! :tiphat:
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NonTypicalCPA
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Re: Lost a Cow Yesterday

Postby NonTypicalCPA » Wed Dec 12, 2018 3:50 pm

sstterry wrote:Since I just took over after my Dad died, I have no idea if she was bought or raised, I have my suspicions. :)


So, it sounds like you inherited the cow which means you get a step up basis for depreciation to fair market value at the date of your dad's death. So if the cow was worth $1,000, you essentially sold it for $0 and can write off the $1,000 as a loss on Form 4797 (that's assuming that you haven't depreciated the cow yet).

Go see your CPA.
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Re: Lost a Cow Yesterday

Postby sstterry » Wed Dec 12, 2018 4:14 pm

NonTypicalCPA wrote:
sstterry wrote:Since I just took over after my Dad died, I have no idea if she was bought or raised, I have my suspicions. :)


So, it sounds like you inherited the cow which means you get a step up basis for depreciation to fair market value at the date of your dad's death. So if the cow was worth $1,000, you essentially sold it for $0 and can write off the $1,000 as a loss on Form 4797 (that's assuming that you haven't depreciated the cow yet).

Go see your CPA.

Thank you! This is exactly what I was hoping to hear! (That cow just got more valuable :cry2: )
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Re: Lost a Cow Yesterday

Postby Gators Rule » Wed Dec 19, 2018 2:22 pm

farmerjan wrote:One of the reasons we buy and sell some cattle. For the express reason that if we lose one, it is a bought one. My son's tax guy keeps up with all the rules, and if you raise it you can't write it off, but if it is bought it gets treated different for tax purposes. Different with depreciation.... we get screwed enough, so we figure that if we lose one, it has to be a bought one that can be written off. This was suggested by our tax guy.....


Jan, I think your tax professional is correct regarding cows being purchased or raised by the farm. I do know a family where both father and son raise cattle individually. Every year the son will purchase replacement heifers from his father's herd, and vice-versa, just so they can write off cows that die during a subsequent year.
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Re: Lost a Cow Yesterday

Postby Hunter » Wed Dec 19, 2018 3:19 pm

Gators Rule wrote:
farmerjan wrote:One of the reasons we buy and sell some cattle. For the express reason that if we lose one, it is a bought one. My son's tax guy keeps up with all the rules, and if you raise it you can't write it off, but if it is bought it gets treated different for tax purposes. Different with depreciation.... we get screwed enough, so we figure that if we lose one, it has to be a bought one that can be written off. This was suggested by our tax guy.....


Jan, I think your tax professional is correct regarding cows being purchased or raised by the farm. I do know a family where both father and son raise cattle individually. Every year the son will purchase replacement heifers from his father's herd, and vice-versa, just so they can write off cows that die during a subsequent year.


Maybe I need to start doing this.
Would it be frowned upon to buy a few from a relative and sell a few to that relative for the same price?
If the farms are connected does one really even need to separate the bought or sold cows or can they stay where they currently reside?
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Re: Lost a Cow Yesterday

Postby Gators Rule » Wed Dec 19, 2018 10:09 pm

Hunter wrote:
Gators Rule wrote:
farmerjan wrote:One of the reasons we buy and sell some cattle. For the express reason that if we lose one, it is a bought one. My son's tax guy keeps up with all the rules, and if you raise it you can't write it off, but if it is bought it gets treated different for tax purposes. Different with depreciation.... we get screwed enough, so we figure that if we lose one, it has to be a bought one that can be written off. This was suggested by our tax guy.....


In their particular case, the ranch’s are across the dirt road from each other
Jan, I think your tax professional is correct regarding cows being purchased or raised by the farm. I do know a family where both father and son raise cattle individually. Every year the son will purchase replacement heifers from his father's herd, and vice-versa, just so they can write off cows that die during a subsequent year.


Maybe I need to start doing this.
Would it be frowned upon to buy a few from a relative and sell a few to that relative for the same price?
If the farms are connected does one really even need to separate the bought or sold cows or can they stay where they currently reside?
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NonTypicalCPA
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Re: Lost a Cow Yesterday

Postby NonTypicalCPA » Thu Dec 20, 2018 8:50 am

Sorry folks, the IRS figures this one out long ago. Losses between related parties are disallowed.
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Re: Lost a Cow Yesterday

Postby farmerjan » Thu Dec 20, 2018 1:04 pm

We legitimately buy some cows every year. Have stockyard invoices and all. Sometimes it is just because they are good buys and we figure we can get more out of them in 6-8 months with the sale of the calf. It is some speculating. But it helps that when a cow dies she is mostly always a bought cow and that stands to reason since we seldom lose many of our own since they have had little or no stress like a bought cow does. Of course, that doesn't count the 3 1/2 yr old first calf heifer I found out flat dead a couple weeks ago. But for the most part, anything we lose is a bought cow......
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