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
- Go to your Schedule C in your return and go to expenses.
- For the expense type, select assets>continue at the bottom
- Continue through the screens until you get to a screen that says Describe This Asset. Here you will select Intangibles, Other property>continue
- Next screen say tell us a little more. Select other asset type
- 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>
- Next screen wants to know if you use this 100% for your business nad the date you started using it for your business.
- 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.
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