Utility Tractor Depreciation

[Stupidasur3]

I purchased a Utility Tractor in 2019 that I use 100% of the time at my Mobile Home Park.  In setting up the asset, I am selecting "Tools, Machinery, Equipment, Furniture".  The next screen has the selections for "General Purpose Tools, Machinery, and Equipment" and "Construction Machinery & Tools".  I'm not sure which one to select.  This is a mid-size John Deere Tractor with a front-end loader & box scrape.

[tagteam · Accepted solution]

It most likely has a class life of five years for your purposes since you are not using the tractor for agriculture.

Otherwise, it would have a class life of seven years.