Schedule F, Improvements to rented land

[farmer875]

I hired a contractor to install a permanent waterline and tank on ground that I rent. Since I don't own the land and have no guaranteed written contract,  can I deduct the full cost as custom hire instead of depreciating it under capital expense? Thanks

[MarilynG1]

Yes, there are several ways to claim depreciation that allow you to deduct the full cost of the Business Asset

Click this link for a detailed article on Managing Business Assets.

When you enter your Business Asset, you will be able to select which depreciation method you wish to use.