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Contributor

Re: Pole barn and taxes

Not at this moment, only 2010

But,  from my understanding the senate bill has Bonus depreciation of 100% for 2011 and 50% for 2012

Of Course this has not passed yet.

 

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Advisor

Re: Pole barn and taxes

TY for the reply  Time to plow out the yard of snow.

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Honored Advisor

Re: Pole barn and taxes

I was really pleased to hear that the President mentioned 100% depreciation for next year, as he presented the tax proposal last week.  That may jumpstart a bit of business investment, especially if people are sitting on cash and needed an incentive to spend it. 

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Contributor

Re: Pole barn and taxes

It would seem that the 100% bonus depreciation would be retroactive to september 9th 2010, if passed.

 

  • Allow businesses to expense 100% qualified property placed in service after September 8, 2010 and before January 1, 2012. Allows business to expense 50% of the cost of qualified property placed in service for one year (2012).
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Advisor

Re: Pole barn and taxes

Yes Kay so was I.  Can you tell how old a person is by the size of their font?  Ha

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Advisor

Re: Pole barn and taxes

Have it written down to call my tax man tomorrow.

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Advisor

Yes and no...

... font choice may have to do with your age as the writer, or the age you think the people reading it might be!Smiley Happy

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Senior Contributor

Re: Pole barn and taxes

true tax leases work but they have to be a lease and not a loan with a dollar buyout at the end.

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Advisor

Re: Pole barn and taxes

   I talked to my tax man today.  He is a CPA and formerly worked for Arthrur Anderson and Ernst and Young.  I told him I had read thru sec. 179 so I had a basic feel of what it means.  He said it is quite specific in naming 3 distinct building uses eligible for 100% write off in year 1.  They are:  buildings for housing livestock, buildings for horticulture (greenhouses), and grain bins.  Machinery storage buildings are 20 year depreciation.  We did discuss why tiling is 100% depreciable when it is a long term investment.  Leasing is eligible if done with all the t's crossed and i's dotted.

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Advisor

Re: Pole barn and taxes

I may be wrong, but the types of buildings eligible for the fast writeoff appear to be single-use ones to me.  You cannot do much with any of them but exactly what you build them to do. 

A machine shed could conceivably have many different functions. 

Does anyone know if that is the rationale for the different treatment or not? 

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