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Level 5
September 28, 2021
Question

Additional special depreciation

  • September 28, 2021
  • 1 reply
  • 7 views

Can an company take the additional 100% first year special depreciation when purchasing an orchard that already is already nut producing, or is it based on the subsequent-to-purchase cost(s) of planing and grafting future crops?

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1 reply

qbteachmt
Level 15
September 28, 2021

You've got three topics running today, just on depreciation, but under the section for using Lacerte. Not under Tax Talk. Perhaps it would help to pick up some online or self-study courses and make reference to IRS materials on Depreciation, so that you can study it in depth as applicable to the clients for whom you are working:

https://www.irs.gov/publications/p225#en_US_2020_publink1000218075

 

 

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