I have heard fruit trees on an i.p. can be depreciated.Anyone know if this is true?
Huh ???
Where’s depreciator…Misty..WOULDNT think so..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThey are Misty, but it would depend on how they’re being used and the number of trees. If it’s a house on an acreage and there are just a couple of trees whose fruit is consumed by the tenant, you’d be pushing it. If it’s a business and there is an orchard then the trees would theoretically be an income producing asset. Grape vines are treated similarly. Off the top of my head, I don’t knoe the effective life of either. If I remember (we’re getting very busy), I’ll do some digging on Monday.
ScottYou could ring the farmers co-op in your area and they would be able to direct you to the department
which deal with this sort of thing , sorry thats all I could help you with, not much of an answer but it might help[buz2]Only if it was a profitable concern (i.e. you sold the fruit. If it was a tennant just eating the fruit, no).
Rgds.
Lucifer_auI’ve heard that livestock (cows etc) can be depreciated too!
Terryw
Discover Home Loans
North Sydney
terry@discoverhomeloans.com.auTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Wow..
I learn something every Day..parents have a mango plantation, i’ll have to ask them..If they’re not claiming, thanks in advance..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorRedwing,
Mango trees have a 30 year effective life.
ScottThanks depreciator..[thumbsupanim]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
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