Electing Farming Business
Farming businesses that elect out of the interest deduction limit must use the alternative depreciation system (ADS) to depreciate any property with a recover period of 10 years or more. This is property such as single purpose agricultural or horticultural structures, trees or vines bearing fruit or nuts, farm buildings and certain land improvements. This provision applies starting in tax year 2018.
If you have an electing farming business, you can enter assets described above as Other assets, where you can pick the depreciation life, method, and convention.
If you have an electing farming business, you can enter assets described above as Other assets, where you can pick the depreciation life, method, and convention.
