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R
Rox
Level 4
March 25, 2024
Solved

Depreciating Cattle

  • March 25, 2024
  • 1 reply
  • 20 views

What is the proper classification and MACRS code for depreciation of breeding cattle?

    This topic has been closed for replies.
    Best answer by TaxGuyBill

    Have you looked at Publication 225?

    Table 7-1 shows the Recovery Period for various farm assets.

    https://www.irs.gov/pub/irs-pdf/p225.pdf#page=44

     

    1 reply

    T
    TaxGuyBillAnswer
    Level 15
    March 25, 2024

    Have you looked at Publication 225?

    Table 7-1 shows the Recovery Period for various farm assets.

    https://www.irs.gov/pub/irs-pdf/p225.pdf#page=44

     

      R
      RoxAuthor
      Level 4
      March 25, 2024

      Yes, 5 years and 179 eligible. In ProConnect is this category "Miscellaneous'? Nothing else seems to fit.

        George4Tacks
        George4Tacks
        Level 15
        March 25, 2024

        Category has no impact on the tax return. It is there solely to help present a depreciation report that might match a balance sheet: e.g. Building, Land, Furnishing, Vehicles, Computers, ...  YOU CAN LEAVE IT BLANK.  Blank takes up less paper, if you are printing.

        Answers are easy. Questions are hard!
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