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Is 100% Bonus Depreciation allowed on a new 20 Year Life Farm Barn

rx7TII
Level 1

The barn is new for 2020 and is used 75% for vegetable farming purposes and 25% personal. Is 100% Bonus Depreciation allowed on this new barn and is a 20-year 150DB depreciable life correct? 

Also, the farmer does not need to use the entire 100% of the depreciation available this year - can 50% or 30% bonus depreciation be elected instead?

0 Cheers
2 Replies 2
dkh
Level 11

@irs.gov    -  Farmers Tax Guide   Pub225  pages 38-39  What qualifies, what does not for Sec179

 

Edit - sorry you asked about bonus depr not Sec179    pages 41-46

IRonMaN
Level 15

It appears this post has been designated as a self-help section of the book store.😉

Barber! Why didn't I think of this before? Getting paid to give out bad tax advice - need I say more? I've run with scissors for years so it is a natural fit.