Do Barns Qualify for Bonus Depreciation?

General-purpose farm buildings are 20-year assets; therefore, they are eligible for 50% or 100% bonus depreciation. They are not eligible for Section 179 expense.

Is farm property eligible for bonus depreciation?

Bonus Depreciation

- Can now be either new or used property. Property required to be depreciated under the alternate depreciation system, including farmers with fruit trees or vineyards who elected out of the uniform capitalization rules, have not been eligible for this additional depreciation.

What is the depreciation life of a barn?

Barn owners will usually depreciate the cost of their barns over 20 years, allowing them to take a deduction for 5 percent of their cost basis per year, according to Virginia Cooperative Extension.