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posted Jun 6, 2019 12:22:28 PM

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

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1 Best answer
Expert Alumni
Jun 6, 2019 12:22:30 PM

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.

1 Replies
Expert Alumni
Jun 6, 2019 12:22:30 PM

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.