Deductible Livestock Costs for Adjusting 2014 Income Tax Returns

File B1-15
Updated November, 2014

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Estimated deductible costs for use in adjusting farm expenses to exclude the cost of producing home-consumed farm produce.

 


Estimated deductible costs for use in adjusting farm expenses to exclude the cost of producing home-consumed farm produce

The above costs include all cash costs, depreciation and deductible production costs of home-raised feed. No charge is made for the farm operator’s labor. If hired labor or purchased grain and roughages are used to produce these products, or if high interest costs are incurred, the costs should be increased accordingly. In arriving at production costs, it was assumed that the young animals were raised and fed.

 

Alejandro Plastina, extension economist, 515-294-6160, plastina@iastate.edu