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Deductions & credits
The IRS sets the class life for Farm assets. Farm buildings are depreciated over a 20 year life. Farm equipment is generally depreciated over 7 years, although some may be 5-year assets. TurboTax will help you determine the correct category when you enter the assets under the Farm topic. Be sure to check the blue links ("Learn More") within the program for additional help.
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‎June 3, 2019
1:25 PM