Land does not depreciate. The cost of land is a constant. You neither deduct it nor do you depreciate it. It is considered a capital asset that, when you sell it, you report the overall profits as capital gain. However, any structures or components are depreciated, as well as farm machinery and even livestock (such as milking cows or work horses). Animals for slaughter are not depreciated but are also capital assets. For more information on all things Farm taxation, please see the following website (click on link):
Publication 225 (2017), Farmer's Tax Guide | Internal Revenue Service
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