Posted by JMS/.MN on February 11, 2008 at 19:02:15 from (209.237.107.155):
In Reply to: Taxes and buildings posted by Dan-IA on February 11, 2008 at 15:28:26:
If you have a legitimate business or farm, the cost of the building is either depreciated over its useful life, or expensed in the year of erection under Section 179. You can pick one or the other- if you expense it in the year of purchase, you do not get depreciation on it- you already took it all. Dollar limit is close to 200 grand now.
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Today's Featured Article - Box Plow Blues - by Tom Schwarz. One of the first implements most tractor owners obtain is the box plow. For very little money, this piece of equipment promises to plow and flatten any hill or vale on your ranch road or farm. At least that's what I thought! As simple as a box plow appears, it can be rather challenging to make work correctly. In our sandy soils of Florida, traction is king. You can never have wide enough tires or heavy enough weights to get all the traction you want … unless you own a monster tractor. U
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