Posted by g mccool on January 14, 2010 at 09:58:53 from (216.126.124.182):
I put $70,000 worth of tile & grass waterways on a farm that my wife owns in Ohio. One of those goverment programs where the gov pays 90% of the cost. Now my accountant tells me that this is a Capital Expense & needs to be spread over several years deduction. I am telling him NO it is not a Capital Expense & that it should all be taken off on taxes the year it was done. The Gov paid me 70k I paid the contractor 70k. It is a wash. I have farms in Iowa & have installed terraces on similar Gov programs & my accountant has taken the deduction all in one year. I have talked to the ASCS office & they can't give me any rock solid paper work saying YAY or Nay. Where can I look to find paper work clearly stating that it can or can not be deducted all in one year. Help me Please. & Please no comments about go get a differant accountant. Thanks Gerald
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Today's Featured Article - Women and Tractors - by Teri Burkholder. The View from the Garage - Never a doubt, everything on our farm is a learning experience. I've been working very hard to get our two rundown Farmall A's sanded, primed , bondo�d, fiberglassed and painted before our big local tractor show called the Tulip Festival. My husband Ben came in the garage one rainy day to see if he could "help". Well if you knew Ben you wouldn't want him anywhere near your spray gun, fiberglass or bondo! So I pulled out the 2 old yucky looking magne
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