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 - 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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