Mother owning a farm dies in 2022 leaving farm to 5 children. 4 of the 5 rent their share of farm to brother for cash.
Immediately before her death, the state had re-tiled some of the acreage, causing a $ 72-K special assessment on the property taxes.
The land had been tiled back in the 1920's, so this is probably not considered to be maintenance or repair.
Instead of paying a lump-sum for the assessment, mom had elected a 20 year payment plan which includes principal & interest on the tax statement.
Is my customer's share of the tiling assessment to be recovered over 15 years using straight-line depreciation ?
Thanks for comments.
Immediately before her death, the state had re-tiled some of the acreage, causing a $ 72-K special assessment on the property taxes.
The land had been tiled back in the 1920's, so this is probably not considered to be maintenance or repair.
Instead of paying a lump-sum for the assessment, mom had elected a 20 year payment plan which includes principal & interest on the tax statement.
Is my customer's share of the tiling assessment to be recovered over 15 years using straight-line depreciation ?
Thanks for comments.