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  1. #1
    Gold Member
    Join Date
    Feb 2005
    Posts
    393
    Location
    Chester County, SE PA
    Tractor
    Kubota L5030 HST

    Default Tractor depreciation - how many years?

    I own a piece of property and rent the house and about 1/3 of the land. I bought my tractor last year and use it to maintain my part of the land and the rental piece as well. I have been dividing the deductions (taxes, etc) between the 2 pieces and want to depreciate "part" of the tractor on my tax return as a rental expense. Anyone have any advice on how many years I should depreciate the tractor for? Or does it matter as long as I assign an appropriate residual value at the end of the depreciation period (purchase price - residual value depreciated over X number of years).

  2. #2
    Silver Member
    Join Date
    May 2005
    Posts
    194
    Location
    Collins, MS
    Tractor
    Mahindra 4110

    Default Re: Tractor depreciation - how many years?

    My CPA set mne up on a seven year schedule.

  3. #3
    Veteran Member
    Join Date
    Oct 2000
    Posts
    1,579
    Location
    Waco, Texas
    Tractor
    Kubota B2910; Kubota T1670

    Default Re: Tractor depreciation - how many years?

    Turbotax says seven years.

  4. #4
    Gold Member
    Join Date
    Feb 2005
    Posts
    393
    Location
    Chester County, SE PA
    Tractor
    Kubota L5030 HST

    Default Re: Tractor depreciation - how many years?

    Thanks guys. I am using Turbo Tax but for some reason couldn't get it to work properly last night. I'm good to go now - just filed my returns electronically.

    What a website! Tractor help, tax help........

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