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Farm assets and property, such as land, buildings, equipment, and livestock, are subject to specific tax rules. Farmers can typically deduct depreciation on most farm assets and buildings over their useful life. Additionally, when selling or disposing of farm assets, the gain or loss must be reported for tax purposes. The IRS provides detailed guidance on the tax treatment of farm assets and property in Publication 225 (https://www.irs.gov/pub/irs-pdf/p225.pdf).