Standard IRS value of chickens

[Dr.Dale]

Does anyone know if there is a standard value accepted by the IRS for the value of chickens?

I am trying to do my accounting, but I don’t know how to value my livestock “inventory”. I could calculate it with a cost build up, but I would rather use a standard value if they exist.

 

[pennyJo1960]

do not believe there is a deduction do you sell the eggs ? is personal or business ?

 

[Dr.Dale]

We do sell eggs, and all of our chicken operations are through our business.

 

[pennyJo1960]

best case go to your accountant I am not up all the tax laws anymore but believe you can claim them that way what type of practice do you have

 

[sylviethecochin]

https://www.irs.gov/publications/p225

Use ctrl+f to search "Inventory valuation methods" Basically there's not a standard value, but there are a few different methods of calculating one.

Good luck. Taxes suck.

 

[Dr.Dale]

Basically there's not a standard value, but there are a few different methods of calculating one.

That is what I was afraid of. I found that page but I haven’t kept very good records this year, so I was hoping for a standard value since any “calculation” I do would be worse than guessing.