University of Missouri Extension

FM6702, Reviewed October 1993

Missouri Farm Tax Record: Part 2, Four-Year Depreciation Records

Editor's note
The following abstract describes a publication that is only available for purchase. A link to ordering information is on this page.

This record book is for depreciation on machinery and equipment, purchase breeding livestock, buildings, and other real estate improvements.

Failure to set up a complete depreciation schedule on building, machinery, and purchased breeding livestock can easily cost you $100 to $500 in income tax and social security tax. These tax leaks can be plugged by getting properly organized and establishing a system for record keeping.

This book provides space and instructions for recording investment credit, cash difference paid on trades, salvage value and depreciation claimed to date on each individual item of equipment. Even if you depend on your tax consultant to maintain your inventory schedules, insist that he keep your record in this book, too, because it maintains useful information that your income tax form does not record.

See also the first part of the record keeping system, FM6701 Missouri Farm Tax Record: Part 1, Cash Paid-Cash Received, which is designed for aid in income tax reporting on a cash basis only.

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FM6702 Missouri Farm Tax Record: Part 2, Four-Year Depreciation Records | University of Missouri Extension

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