Rox
Level 3
03-25-2024
11:03 AM
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What is the proper classification and MACRS code for depreciation of breeding cattle?
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TaxGuyBill
Level 15
03-25-2024
11:35 AM
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Have you looked at Publication 225?
Table 7-1 shows the Recovery Period for various farm assets.
https://www.irs.gov/pub/irs-pdf/p225.pdf#page=44
George4Tacks
Level 15
03-25-2024
04:20 PM
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Category has no impact on the tax return. It is there solely to help present a depreciation report that might match a balance sheet: e.g. Building, Land, Furnishing, Vehicles, Computers, ... YOU CAN LEAVE IT BLANK. Blank takes up less paper, if you are printing.
Here's wishing you many Happy Returns
