I have been on the phone for well 4 hours now and still do not have a solid answer so I thought I would consult the tax professionals here on Ranchers.
The question:
Is the purchase of livestock deductable as a capital expense? If so what is the percentage.
Now to me this is a cut and dried, yes or no kind of question.
I have spoken to 3 agents who keep passing me on to senior officers, who then proceed to lose me while on hold.
I know that all of my vet costs, fencing, vehicle yada yada are but trying to figure out if I can deduct the purchase price of my stock ARRRRRRGGG. Well I have that off my chest, think I better hold of on the coffee for a bit
I feel like I have just tried to hold a conversation with a preschooler who only speaks french... I did get kind of rude and finally said " I am in Canada can I please speak to someone who understands English!!!
The question:
Is the purchase of livestock deductable as a capital expense? If so what is the percentage.
Now to me this is a cut and dried, yes or no kind of question.
I have spoken to 3 agents who keep passing me on to senior officers, who then proceed to lose me while on hold.
I know that all of my vet costs, fencing, vehicle yada yada are but trying to figure out if I can deduct the purchase price of my stock ARRRRRRGGG. Well I have that off my chest, think I better hold of on the coffee for a bit
I feel like I have just tried to hold a conversation with a preschooler who only speaks french... I did get kind of rude and finally said " I am in Canada can I please speak to someone who understands English!!!