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$1300! whoa thats a lot of money
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<blockquote data-quote="Texan" data-source="post: 211423" data-attributes="member: 416"><p>I've always considered tractors and equipment to be either 7 or 10 year property, depending on whether you use GDS or ADS. Breeding stock to be either 5 or 7 year property. I know that Caustic has also talked about depreciating tractors for 5 years and I'm wondering how you guys get by with this. </p><p></p><p>I'm sure not a CPA and have no accounting training, but I try to wade through the pita of doing my own taxes because I hate for anybody to know my business. I didn't realize there was an election for class life of a property, so I've always used the IRS tables for recovery periods. I'd really like to have the option of depreciating for whatever period of time that I want to, like you guys do. What am I doing wrong?</p><p></p><p><a href="http://www.irs.gov/publications/p946/13081f32.html" target="_blank">http://www.irs.gov/publications/p946/13081f32.html</a></p></blockquote><p></p>
[QUOTE="Texan, post: 211423, member: 416"] I've always considered tractors and equipment to be either 7 or 10 year property, depending on whether you use GDS or ADS. Breeding stock to be either 5 or 7 year property. I know that Caustic has also talked about depreciating tractors for 5 years and I'm wondering how you guys get by with this. I'm sure not a CPA and have no accounting training, but I try to wade through the pita of doing my own taxes because I hate for anybody to know my business. I didn't realize there was an election for class life of a property, so I've always used the IRS tables for recovery periods. I'd really like to have the option of depreciating for whatever period of time that I want to, like you guys do. What am I doing wrong? [url=http://www.irs.gov/publications/p946/13081f32.html]http://www.irs.gov/publications/p946/13081f32.html[/url] [/QUOTE]
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