Marie Posted February 6, 2019 Report Posted February 6, 2019 New farm machinery and equipment is set up for 5 years instead of used equipment at 7 yrs. ATX does not have a new equipment selection. Am I just to use 5 yr farm asset for the new equipment? Quote
EricF Posted February 6, 2019 Report Posted February 6, 2019 Tax reform made a change for farm machinery to have all machinery that is new to the taxpayer, even if used in the past by someone else, to a 5-year life. Quote
Marie Posted February 6, 2019 Author Report Posted February 6, 2019 ALL MACHINERY(NEW AND USED)IS ELIGIBLE FOR BONUS DEPREC BUT I THINK ONLY NEW EQUIPMENT IS 5 YR Quote
EricF Posted February 6, 2019 Report Posted February 6, 2019 It's all 5-year for assets acquired after December 31, 2017. Section 168(e)(3)(B)(vii). Quote
TAXMAN Posted February 7, 2019 Report Posted February 7, 2019 I would not like to use 5 year on a 100k tractor. TP does not need the shortened life span for these big purchases. What alt would you use? 1 Quote
EricF Posted February 7, 2019 Report Posted February 7, 2019 If you choose ADS (Alternative Depreciation System) under Sec. 168(g), farm property can be depreciated straight line over 10 years. 3 Quote
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