Need to show depreciation of farm building built1995 depreciated 20 of 25 years depreciated over.

[ranch82084]

Need to show depreciation of farm building built in 2995 and being depreciated over 25 years

[Cattlerancher · Accepted solution]

Generally, farm buildings are depreciated over a 20 year useful life, not 25 year (you're probably aware of that). I'm guessing you are entering this into TurboTax for the first time and someone else originally used 25 years for some reason, 20 years ago. TurboTax does not have a useful life class option of 25 years for an asset placed into service before June 12, 1996, so I would recommend entering it using the correct useful life of 20 years. But now the problem is 20 years is up, so I would enter a date "place into service" as one year later (1996) using the preset farm building option. Enter the "Amount of depreciation taken in prior years". Then this year of 2016, you will get all of the remaining allowed depreciation on that farm building. It appears to be the only and the best option. Hope that helps---