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BOWDUDE

BOWDUDE

New Member
We have a guy off work and I am covering south central IA, I cannot believe the number of pole bildings with living quarters / man caves going in.
I start to wonder how many of these guys are on this site.

I got in trouble asking a gal " I take it your husband is a hunter" she made sure I knew both of them were.

Some nice places out there.

BOWDUDE
 
I'm finishing my metal building. It was already there & I do have an old farm house there too that will hold me over til I finish it next spring. Got it plumbed, electric ran to it and cement laid. Pumped to have it done BUT chasing the big bucks is priority now
 
Reit38 said:
hows that?
Click to expand...
My neighbor, who owns a construction company, was telling me that they passed some bill that any pole building/shed completed before the first of the year can be 100% written off. Not sure of specific details, but that is why he said there are like 15 going up withing 20 miles of me.
 
Its called bonus depreciation. You can write off 100% if its for business use. Thats why farmers are putting them up.
Suppose to expire at end of year
 
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Farmers have always been able to deduct 100% of a building if its used 100% for the farm operation. This does not end with 2011.

The bonus depreciation only applies to buildings, equipment once the $500,000.00 deduction limit is reached in Section 179.

The only major changes to all this was an increase of the deduction limit from 250K to 500K and and an increase of the total purchases being 2 million. The bonus increased to 100% but only matters is you spend 500K.

None of this really applies unless your building or equipment totals atleast 500K. Not many half a million dollar ag buildings around.

Menards has been advertising all year that this change is a big deal and a good reason to build but really its no change from years past. You will still be able to build a building in 2012 for you business and deduct the whole 100% (as long as its 100% for your business).
 
singlecoyote said:
Farmers have always been able to deduct 100% of a building if its used 100% for the farm operation. This does not end with 2011.

The bonus depreciation only applies to buildings, equipment once the $500,000.00 deduction limit is reached in Section 179.

The only major changes to all this was an increase of the deduction limit from 250K to 500K and and an increase of the total purchases being 2 million. The bonus increased to 100% but only matters is you spend 500K.

None of this really applies unless your building or equipment totals atleast 500K. Not many half a million dollar ag buildings around.

Menards has been advertising all year that this change is a big deal and a good reason to build but really its no change from years past. You will still be able to build a building in 2012 for you business and deduct the whole 100% (as long as its 100% for your business).
Click to expand...

Sorry to correct you but you can not use sect 179 on farm buildings that have a 20 year life. Never have been able to either. Thats why the 100% bonus depr is so popular because instead of depreciating your building over 20 years you can write it all off in the year of completion.

Another reason its popular is that you can use it on depreciable property used in a rental activity(asset must have a 20 year life or less). Sect 179 does not apply to rental activities.

The 100% write off does expire at the end of 2011 and for 2012 it will be at 50%. Is currently set to expire completely after 2012.
 
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