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Business & farm
Colleen,
Thanks for replying, but I'm specifically asking about USED farm equipment and machinery (specifically an implement which attaches to a tractor). To clarify, it was purchased from someone else, and is several years old. Here's what I've found:
Changes to treatment of certain farm property
The new law shortens the recovery period for machinery and equipment used in a farming business from seven to five years. This shorter recovery period, however, doesn’t apply to grain bins, cotton ginning assets, fences or other land improvements. The original use of the property must occur after Dec. 31, 2017. This recovery period is effective for eligible property placed in service after Dec. 31, 2017.
Per Pub 946: https://www.irs.gov/publications/p946#en_US_2019_publink[phone number removed]
5-year property...
h. Any machinery equipment (other than any grain bin, cotton ginning asset, fence, or other land improvement) used in a farming business and placed in service after 2017, in tax years ending after 2017. The original use of the property must begin with you after 2017.
7-year property...
b. Used agricultural machinery and equipment placed in service after 2017, grain bins, cotton ginning assets, or fences used in a farming business (but no other land improvements).