Farm Depreciation

[Cindy]

Does anyone know if the 5 year recovery period for certain farm equipment was extended? I would like the source for the answer. I have been hunting this morning and find out about this. Thank you for you help.

[Edsel]

Don't think so

Cindy I'm reading from TTB 9-8 and it lists "Agriculture machinery & equipment grain bins, etc. as 7 yr property." I don't have access to the electronic version which may have been updated in late December after the printing, but maybe someone else can look at that and see if the 7 yr classification was changed.

[Maribeth]

The 5 year for farm equipment was in the extender bill. If you google, you will get some cites.

Maribeth

[Jiggers]

The 5 year for farm equipment was in the extender bill. If you google, you will get some cites.

Maribeth

I don't think so. The CCH summary said yes. It is not mentioned in TTB summary of the extender.

Also, it is not mentioned in the Senate Finance Committee summary.