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Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
We had a reader give us the following question yesterday:
Last year , 2009 , I purchased 2 new irrigation systems in Nov. and they were delivered in Dec. The total price was $93,800. When I did my tax the CPA said I had to dep. them for 15 yrs. I will be 75 and am retired - making me 90? before they are dep. out . I`d like to take them for 9 yrs. but he says it can`t be changed . What do you think ? They used to do DDB . Is that possible ? With the way things are going with the Govt. I`d like to pay the least tax possible.
This question actually has several answers that are as follows:
If the assets were in fact depreciated incorrectly, a farmer has three years to file an amended tax return and correct the method and receive a refund. For 2009 tax returns, you would normally have until either April 15, 2013 or October 15, 2013 if you filed an extension.
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