Depreciating fruit trees???

Viewing 9 posts - 1 through 9 (of 9 total)

Misty1
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@misty1
Join Date: 2004
Post Count: 348
May 21, 2004 - 6:23 pm
I have heard fruit trees on an i.p. can be depreciated.Anyone know if this is true?
redwing
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@redwing
Join Date: 2003
Post Count: 2,733
May 21, 2004 - 9:25 pm
Huh ???
Where’s depreciator…Misty..WOULDNT think so..
REDWING
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depreciator
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@depreciator
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Post Count: 541
May 22, 2004 - 12:27 am
They 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.
Scott
ezy.home.loans23320
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@ezy.home.loans23320
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Post Count: 144
May 22, 2004 - 3:10 am
You 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]
FFComm
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@ffcomm
Join Date: 2004
Post Count: 627
May 22, 2004 - 5:49 am
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_au
Terryw
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May 22, 2004 - 7:35 am
I’ve heard that livestock (cows etc) can be depreciated too!
Terryw
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redwing
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May 22, 2004 - 8:50 am
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”
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depreciator
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@depreciator
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Post Count: 541
May 24, 2004 - 2:35 am
Redwing,
Mango trees have a 30 year effective life.
Scott
redwing
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@redwing
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May 24, 2004 - 11:08 am
Thanks depreciator..[thumbsupanim]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
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