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New Member
posted Feb 15, 2021 8:53:12 AM

How to depreciate farm building over 20 year?

on my schedule c

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1 Replies
Expert Alumni
Feb 15, 2021 12:36:50 PM

You can depreciate this in the asset section of your Schedule C but my question is if you have a farm, why are you not using Schedule F? Anyhow, here are the steps to report this on your Schedule C

  1. Go to your Schedule C in your return and go to expenses.
  2. For the expense type, select assets>continue at the bottom
  3. Continue through the screens until you get to a screen that says Describe This Asset. Here you will select Intangibles, Other property>continue
  4. Next screen say tell us a little more. Select other asset type
  5. Tell Us About This Asset / Large Purchase indicate that  it is a Farm Building and then you will enter the cost and date purchased to determine the depreciation>
  6. Next screen wants to know if you use this 100% for your business nad the date you started using it for your business.
  7. The next screen is important because it asks for an asset type. Here you will pick 20 yrs from the drop down menu that appears.