I purchase a livestock trailer for use on our farm. How do I account for that expense and type of vehicle?

thebrdd1 · ‎June 6, 2019

PaulaM · ‎June 6, 2019

Depreciate as a trailer and not a vehicle if you attach the trailer to a truck/vehicle.

Under your Farm business add the livestock trailer in the Asset section and depreciate for the asset class of a trailer.

You will be given options to depreciate over its asset class life, 179 deduction, combo deduction and special depreciation allowance. See attachments.

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View solution in original post

PaulaM · ‎June 6, 2019

Depreciate as a trailer and not a vehicle if you attach the trailer to a truck/vehicle.

Under your Farm business add the livestock trailer in the Asset section and depreciate for the asset class of a trailer.

You will be given options to depreciate over its asset class life, 179 deduction, combo deduction and special depreciation allowance. See attachments.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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I purchase a livestock trailer for use on our farm. How do I account for that expense and type of vehicle?