Is purchasing buffalo tax deductible?

Question

I am wanting to purchase buffalo as an investment, but need to know if they are tax deductible. If they are tax deductible are they amortized or can the full purchase price be written off? The buffalo would reside on a ranch in another state and in addition to the purchase price there would be a monthly fee per head to maintain the bufflao. It would be an absentee ownership.

Answer 1

If this is really a business for profit, you can. Ranchers do it as a full-time job. You would likely use Schedule F to report, so start with the instruction for that form.