Posted by andy r on January 06, 2011 at 15:14:53 from (69.66.71.73):
Bought a farm last month. I have made an initial visit to an accountant. Need to go back, but want background information first. There is tiling, fencing, a couple old barns, and an eight-thousand bushel grain bin. I assume I can depreciate these assets? Right? How do you establish a value for depreciation? For tile, the accountant says calculate the footage and multiply by $1.70. What have you done with these types of assets on new land aquisitions? I assume the previous owner had written them off, maybe not. No records exist past the last four years. None of the above assets are currently listed on the prior owners depreciation schedule. Your ideas will get me started in the right direction. Thanks.
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