Concerning vehicles versus listed farm machinery, do you show a F-600 truck with a grain bed (over 13,000 lbs) under vehicles or under Assets, Farm machinery and Equipment Category?
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It depends. Usually a truck falls under the category of a vehicle. However, the following types of vehicles are excepted from this listing: (The following comes from IRS Publication 225, Farmer's Tax Guide, Chapter 7, regarding Equipment Depreciation):
Excepted vehicles. Other property used for transportation does not include the following vehicles.
• Tractors and other special purpose farm vehicles.
• Bucket trucks (cherry pickers), dump trucks, flatbed trucks, and refrigerated trucks.
• Combines, cranes and derricks, and forklifts.
• Any vehicle designed to carry cargo with a loaded gross vehicle weight of over 14,000 pounds. (Italics added. If your vehicle fits this description, it is farm machinery and not a vehicle)
For more information, see chapter 5 of Pub.
946
It depends. Usually a truck falls under the category of a vehicle. However, the following types of vehicles are excepted from this listing: (The following comes from IRS Publication 225, Farmer's Tax Guide, Chapter 7, regarding Equipment Depreciation):
Excepted vehicles. Other property used for transportation does not include the following vehicles.
• Tractors and other special purpose farm vehicles.
• Bucket trucks (cherry pickers), dump trucks, flatbed trucks, and refrigerated trucks.
• Combines, cranes and derricks, and forklifts.
• Any vehicle designed to carry cargo with a loaded gross vehicle weight of over 14,000 pounds. (Italics added. If your vehicle fits this description, it is farm machinery and not a vehicle)
For more information, see chapter 5 of Pub.
946
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