mlsh
New Member

Agriculture Shop

I have a small forestry tree farm and in 2019 built a multiuse shop.  2/3 of the structure is used to house tractors and implements and other equipment used on the farm and to maintain the equipment and the other 1/3 is used for personal (non-farm) storage.  Can I deduct 2/3 of the $32K in building costs as a business expense/loss on the tree farm?

Anonymous
Not applicable

Business & farm

no you can't.  farm buildings have a depreciable life of 20 years (IRS pub 946 class 01.3)