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Business & farm
It's OK to depreciate the drain tiling. Depreciation is a way to let you deduct the "used up" portion of an asset's cost every year.
HOWEVER, land does not depreciate and should not be entered as a depreciable asset.
Please see these publications for additional information:
- Instructions for Form 4562
- Publication 946, How to Depreciate Property (currently being edited for Tax Year 2020)
‎February 23, 2021
9:10 AM