Stupidasur3
Level 4

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.

tagteam
Level 15

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.

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