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February 7, 2025
Question

On Farming expense I built a new barn what section of schedule f would I claim this under

  • February 7, 2025
  • 1 reply
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    1 reply

    AmyC
    Employee
    February 7, 2025

    A barn is an asset. You will enter your expenses to build the barn for the basis. A farm building is usually depreciated over 20 years. Follow these steps:

    1. Answer yes to assets
    2. Answer no to $2500 or less, I am sure the barn cost much more
    3. Continue to Describe this Asset
    • If it is a single purpose structure, you select the first option. Barns are hard to qualify as single purpose so that may not be correct for you.
    • You may need to choose the last option and go through those questions. You will select 20 year depreciation.

     

    Reference: Publication 225 (2024), Farmer's Tax Guide

     

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