Solved: Re: Farm structure depreciation
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
heimanjj
Level 2

Farm structure depreciation

Trying to determine the depreciation term and rate for a farm "structure." 

 

It is a roof over a feed lot for beef cattle. No walls, just two pillars and a roof to shed rain and snow away from the livestock. 

 

The feeder stanchions and cement were depreciated at 7 years at 150% DB but not sure if I can use that same for this.

 

Any suggestions?

 

Thanks.

1 Best answer

Accepted Solutions
ColeenD3
Employee Tax Expert

Farm structure depreciation

 When it comes to single-purpose agricultural structures (SPAS), you would generally qualify for:

  • a Section 179 deduction of up to $500,000 in 2010 and 2011;
  • bonus depreciation on the remainder of the cost (for new construction in 2010); and
  • the net remaining amount being depreciated over 10 years, not 20 years

SPAS are defined as single-purpose livestock structures or single-purpose horticultural structures.

 

A single-purpose livestock structure is any structure specifically designed, constructed and used (1) for housing, raising and feeding a particular type of livestock and its produce (such as eggs from a chicken), or (2) for housing the equipment necessary for housing, raising and feeding such livestock.

 

SPAS

 

A hog confinement facility, milking parlor, etc., qualifies. A structure that handles more than one type of livestock does not qualify. A building with movable wall partitions that is used to store grain and machinery does not normally qualify for Section 179.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
ColeenD3
Employee Tax Expert

Farm structure depreciation

 When it comes to single-purpose agricultural structures (SPAS), you would generally qualify for:

  • a Section 179 deduction of up to $500,000 in 2010 and 2011;
  • bonus depreciation on the remainder of the cost (for new construction in 2010); and
  • the net remaining amount being depreciated over 10 years, not 20 years

SPAS are defined as single-purpose livestock structures or single-purpose horticultural structures.

 

A single-purpose livestock structure is any structure specifically designed, constructed and used (1) for housing, raising and feeding a particular type of livestock and its produce (such as eggs from a chicken), or (2) for housing the equipment necessary for housing, raising and feeding such livestock.

 

SPAS

 

A hog confinement facility, milking parlor, etc., qualifies. A structure that handles more than one type of livestock does not qualify. A building with movable wall partitions that is used to store grain and machinery does not normally qualify for Section 179.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings