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 - On the Road with Dave Gohl: Auction Musings - by Dave Gohl. I was thinking the other day about all the auctions I've been to in the last few years. There've been many. Some have been very good, some have been well, disappointing to say the least. But no matter how good or bad auctions may be, we always seem to stay until the item we've come for or are interested in is on the block. I've been to some auctions near and far. I think the furthest has been the Two Cylinder 7 in the Amana Colonies last year. Lots of stuff, lots of people. I've also atten
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