Section 179 purchases (new and used machinery, commercial vehicles, pretty much any equipment a farmer would buy) can now be expensed in the year of purchase rather than depreciated over time- limits were in the low 6 digits for several years, but rose to $1,000,000 for 2018 taxes. So you can now just expense everything- BUT I'm not sure how it works if the expensed items cause you to have a loss for the year, so you need to talk to a tax professional experienced in farm returns to see how you should handle it. Note- H & R Block and the other franchise tax prep outfits generally do NOT understand this stuff.
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Today's Featured Article - Restoring a John Deere 2010 Diesel Tractor - by Jim Nielsen. Following seven years working in California's Silicon Valley, my wife, baby son and I moved back to Australia to retire. We bought a small 'farm' of about 50 acres near Bendigo, in the state of Victoria. I soon found that it would be very useful to have a tractor around the place for things such as grading our long drive and brush-hogging the fields. I was also embarking on planting 1000 eucalyptus trees, and hence I would need a ripper, small disk plow, sprayer etc. to get these things accompli
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