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 - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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