Roger McEowen: Depreciation Schedules for Newly Acquired Farms

December 8, 2016

NASHVILLE, Tenn (RFD-TV) RFD-TV’s Market Day Report hosts a weekly interview with Roger McEowen, Professor of Agricultural Law and Taxation at the Washburn University School of Law, and an affiliate with the Kansas Farm Bureau.

The topic of this week’s interview: When a farm is acquired, it is important from a tax standpoint to allocate value to depreciable items. The next step is to set those items up on the appropriate depreciation schedule, beginning with the tax year in which possession is obtained. What are some items that are on the land that may be depreciable? What effects have fluctuations in farmland value in recent years had on the process? How can value be properly allocated to depreciable items? Professor McEowen gives his answers to these and other questions in the video above.