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Utility Tractor Depreciation
I purchased a Utility Tractor in 2019 that I use 100% of the time at my Mobile Home Park. In setting up the asset, I am selecting "Tools, Machinery, Equipment, Furniture". The next screen has the selections for "General Purpose Tools, Machinery, and Equipment" and "Construction Machinery & Tools". I'm not sure which one to select. This is a mid-size John Deere Tractor with a front-end loader & box scrape.
December 7, 2020
9:28 AM
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Get your taxes done using TurboTax
It most likely has a class life of five years for your purposes since you are not using the tractor for agriculture.
Otherwise, it would have a class life of seven years.
December 7, 2020
12:47 PM
1,410 Views