Inherited farm equipment and building depreciation question is, how fast can I deduct inherited equipment and buildings?

trklop · ‎June 3, 2019

I inhertited farm ground and buildings from my dad's home farm in 2017. Tile, Farm Equipment, grain bins and buildings. I have the value appraisal.

PatriciaV · ‎June 3, 2019

The IRS sets the class life for Farm assets. Farm buildings are depreciated over a 20 year life. Farm equipment is generally depreciated over 7 years, although some may be 5-year assets. TurboTax will help you determine the correct category when you enter the assets under the Farm topic. Be sure to check the blue links ("Learn More") within the program for additional help.

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PatriciaV · ‎June 3, 2019

The IRS sets the class life for Farm assets. Farm buildings are depreciated over a 20 year life. Farm equipment is generally depreciated over 7 years, although some may be 5-year assets. TurboTax will help you determine the correct category when you enter the assets under the Farm topic. Be sure to check the blue links ("Learn More") within the program for additional help.

**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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Inherited farm equipment and building depreciation question is, how fast can I deduct inherited equipment and buildings?