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What is the asset class for Grain bins that are rented out for income. Can I use the section 179 deduction How many years do I have to depreciate this property?
I purchased an acreage that included 4 grain bins that cost $34,733.00. I rent the bins out and have received income for 2016. Using your software. I selected the Section 179 depreciation expense and it actually reduced my refund. When I selected the three year %200 Declining Deprecation it greatly increased my refund. I don't understand I thought with Section 179 I should have been able to write off the entire expense in the year purchased 2016
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‎June 1, 2019
12:39 AM