You bought the land and you bought depreciable items. You did _not_ buy land and got items for free.... Some of you need a good tax lawyer, you got to play the govts' game, they play you!!!
The tile is good and should last 20 years, you value at what it would cost to put in now. Probably 90 cents a foot for 4 inch, can be $5 for 10 inch, depends what you got in there.
The buildings, you can look at the tax assessment, sounds like perhaps only the one building has 'value' that you can put on it.
Average fence I would think would last 20 years, so would value at replacement cost. Poor fence might not have much value.
You decrease your purchase price by the replacement costs of these assets, and depreciate the assets value over 20 years.
It would be real helpful to have that written up as land and assets on the sales papers; but if you keep things fair & spelled out should be ok doing it yourself after the fact. This assumes you are farming it, making money from those assets. If you only have a couple horses for pleasure, and not a business, then forget it, not deductable.....
Very common, any tax advisor worth his pay would do so.
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Today's Featured Article - The Niagra View Mobile - Powered by a 1959 Ford Tractor - by Mark Massey. In 1959 the Niagara Frontier Transit Inc. of Buffalo, New York designed and built six Viewmobiles for the Niagara Frontier Sightseeing Inc. for use as a sightseeing ride at the Niagara Falls State Park, Niagara Falls, New York, powered by a 1959 Ford 611 Tractor.
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