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 - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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