I"m as farm boy, former farm owner and retired IRS agent/accountant-still tax preparer. You need to give your tax preparer/CPA the best info you can: feet of fencing/approximate age/condition, size and approx. age of grain bin. Tiling is tough without good maps. Go to the local tilers and ask if they"ve done work or have maps. Take a look in the Spring after the tile are running (no good for this year) and look for dry areas, with wet areas above the tile lines, mark and measure (aerial photo?). Tiling prices for new tile depend on size and depth. You can depreciate it so long as you are a farmer or landlord and use the bins & fencing for business-not personal uses. You are entitled to depreciate the fair marker value-not new cost. FMV is a pretty vague term: means what 2 parties agree on to buy/sell, both knowing all factors (ie-not fraud or other deception). Tax preparer will assign "tax" life, depending on the tax code allows. You need to prove your case as best you can in an audit-contrary to belief, most IRS Agents & Auditors are reasonable people ;-)
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Today's Featured Article - Field Modifications (Sins of the Farmer) - by Staff. Picture a new Chevrolet driving down the street without it's grill, right fender and trunk lid. Imagine a crude hole made in the hood to accommodate a new taller air cleaner, the fender wells cut away to make way for larger tires, and half of a sliding glass door used to replace the windshield. Top that off with an old set of '36 Ford headlight shells bolted to the hood. Pretty unlikely for a car... but for a tractor, this is pretty normal. It seems that more often than not they a
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