I typically purchase heifers, breed them, then sell as bred heifers the same year. However, due to market conditions I will be selling the 2023-purchased bred heifers in 2024 (but before they calve). Do I need to enter the 2023 purchase price somewhere (i.e., enter them as an asset and depreciate them), or can I just report this cost basis when I sell them (2024 taxes)?
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