January 14, 2019

Farm 2018 Tax Tips

Changes effecting capital purchases and net income: New 1031 rules -  a tax-free exchange (1031) only applies for real property. Personal property or equipment exchanges are treated as a sale and therefore require a "bill of sale". New depreciation life and limit -  Federal 179 deduction limit is $1,000,000. It limits qualified capital purchases to a dollar-for-dollar phase-out starting at...

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