Who sets depreciation rates on farm machinery. Can you and your accountant agree to use a smaller percentage?
Reason for asking. 5-10 year old machines are constantly fetching far more than there book value. You then get taxed on this uplift as an income. Am I correct?
Are there any benefits to letting your machinery depreciate so fast?
Thanks
Reason for asking. 5-10 year old machines are constantly fetching far more than there book value. You then get taxed on this uplift as an income. Am I correct?
Are there any benefits to letting your machinery depreciate so fast?
Thanks
