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posted Jun 3, 2019 1:25:50 PM

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

 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.  

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Expert Alumni
Jun 3, 2019 1:25:51 PM

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.

1 Replies
Expert Alumni
Jun 3, 2019 1:25:51 PM

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.