We installed an 8' high woven wire fence around our cropland in 2020. Publication 225 (Farmers Tax Guide, Chapter 7, page 39) indicates that "agricultural fences do qualify as section 179 property". We would like to take the Section 179 deduction, but TurboTax does not seem to make provision for this type of asset.
When I set up the asset under Business Income and Expenses>Farm Income and Expenses>Farm Assets, TT asks me to "select the option that best describes this asset", offering the following options:
1) Farm equipment, Animals, Agriculture
2) Tools, Machinery, Equipment, Furniture
3) Real Estate Property
4) Computer, Video, Photo and Telephone Equipment
5) Intangibles, Other property
I tried a couple of options (3 and 5), but it doesn't seem to allow the Section 179. I suppose I could work around the issue by selecting 1 instead "equipment used in farming", but this also doesn't seem to be a good match.
Any suggestions?
