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I purchase a livestock trailer for use on our farm. How do I account for that expense and type of vehicle?
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Depreciate as a trailer and not a vehicle if you attach the trailer to a truck/vehicle.
Under your Farm business add the livestock trailer in the Asset section and depreciate for the asset class of a trailer.
You will be given options to depreciate over its asset class life, 179 deduction, combo deduction and special depreciation allowance. See attachments.
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