Know what is deductible when selling farmland

When farmland is purchased, depreciation can be claimed on certain assets associated with the land.
In certain parts of the Midwest, above-average soil fertility is also eligible for expense deductions.

Roger McEowen of Washburn School of Law spoke with RFD-TV’s own Janet Adkison on what deductions producers should be aware of, what type of documentation needs to be kept and does it apply to land that is grazed.

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“It all comes back to the timeliness. Are we going to be able to get in that field?”