Posted by JMS/.MN on February 11, 2008 at 19:02:15 from (209.237.107.155):
In Reply to: Taxes and buildings posted by Dan-IA on February 11, 2008 at 15:28:26:
If you have a legitimate business or farm, the cost of the building is either depreciated over its useful life, or expensed in the year of erection under Section 179. You can pick one or the other- if you expense it in the year of purchase, you do not get depreciation on it- you already took it all. Dollar limit is close to 200 grand now.
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Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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