My girlfriend and I were talking about the wolves and their reintroduction and the effect on ranchers. Just curious
2007-02-15 02:08:44 · 11 answers · asked by Question Everything 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
If you have insurance on your cattle, you may be able to place a claim to cover the loss with the insurance company, and anything not covered by the insurance company could be claimed as a loss on your taxes. You would have to be able to prove that the cow was killed by the wolves and was not simply eaten after she died of other causes. We had the same problem with sheep a few years back. In 2 nights, wild dogs decimated half of our flock. Since they weren't insured, we received no compensation at all.
2007-02-15 02:14:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your question assumes there is a ranching business versus having a pet cow. As such I can agree there is a deductible loss whether dead from natural causes or death by ingestion IF you have a basis in the cow. In other words you would have a loss if you paid something for the animal.
On the other hand if it one of your bulls and another cow got together and produced the heifer and you raised it, deducting feed and vet bills along the way, there is no basis in the animal. Sure it cost you money up until its demise but if there is no basis in the animal, there is no loss to deduct.
I defer to the others on insurance
2007-02-15 02:33:57 · answer #2 · answered by zudmelrose 4 · 1⤊ 0⤋
I bet you could in one way or another... You bought 5 cows for $2500 dollars and sold 4 of them 2 years later for $3000 (because they are bigger and better, but one got eaten by a wolf).
You would have to claim the $500 as income, but could deduct all the cost associated with making that income. Not only would you be able to deduct the cost of feeding and maintaining the cows (shots, vaccinations, etc.), and labor to help you take care of the cows (your investment) but you could also deduct the cost of rifles, ammunition for the rifles and lights to see the wolves.
2007-02-15 02:11:55 · answer #3 · answered by John Stamos 3 · 0⤊ 0⤋
It would reduce your overall tax liability by reducing your income as a business loss. You wouldn't deduct the cow on your taxes you would just reduce your income by the cost of the loss and any fees associated around it (such as disposal, more watch dogs, hunting of predators and what not).
2007-02-15 02:15:15 · answer #4 · answered by Anonymous · 1⤊ 0⤋
you will possibly be able to desire to get your head examine, because you will possibly be able to desire to have the skill to consume greater nutrition or you will make your self heavily unwell, or a minimum of skinny in a skinned-rabbit kinda way which isn't a glance this is good on everybody.
2016-12-17 16:49:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It is ironic that the animal loving facist are so concerned to return things to 'the way things were' at the expense of people trying to provide for their families.
Watch out.. these radicals are getting stronger and crazier.
did anyone here know animal rights activists are second on the list of dangerous terrorists?
hmmmm.. anyone know that?
2007-02-15 02:52:34 · answer #6 · answered by kent j 3 · 0⤊ 1⤋
it doesnt matter if the cow was eaten, died from natural causes, or got hit by a car. you can deduct it either way as a business loss.
2007-02-15 02:11:58 · answer #7 · answered by Kutekymmee 6 · 0⤊ 2⤋
Yes, but only the percenage eaten. Any left overs would be down to you...
2007-02-15 02:12:00 · answer #8 · answered by Doodie 6 · 0⤊ 1⤋
I would think you could. Take a picture of the carcas to attach to prove your loss.
2007-02-15 02:12:46 · answer #9 · answered by lifesajoy 5 · 0⤊ 1⤋
Yes, it is a cost of business.
2007-02-15 02:12:50 · answer #10 · answered by tain 3 · 0⤊ 2⤋