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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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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