Car Loan Interest Deduction; Bonus Depreciation and Heifer Herd; Depreciation Recapture on Buildings скачать в хорошем качестве

Car Loan Interest Deduction; Bonus Depreciation and Heifer Herd; Depreciation Recapture on Buildings

Roger McEowen interviewed by Shelby Varner, Agriculture Today Program, November 5, 2025 00:00 - Car Loan Interest Deduction - A new provision in the OBBBA allows deduction for car loan interest on vehicles that are newly acquired after 2024 for tax years 2025 through 2028. Deduction up to $10,000 of the interest on a personal vehicle as long as it is a qualified vehicle. 04:12 - 100 Percent Bonus Depreciation and the Heifer Herd - 100% bonus depreciation is a key provision in the U.S. tax code designed to stimulate immediate capital investment. One use of it permits cattle ranchers to fully expense the entire cost of qualified property, such as purchased or raised breeding heifers, in the year the assets are placed into service, bypassing the traditional, multi-year depreciation schedule. 07:27 - Depreciation Recapture on Buildings? - It involves depreciation recapture on sale of a single-purpose agricultural structure. A farmer has building that was acquired/constructed in 2020 for $800,000. The building was set up as 10-year MACRS (Modified Accelerated Cost Recovery System) depreciation property, for which bonus depreciation was taken. The building is now fully depreciated. The farmer plans on selling the building in 2025 for $800,000. Will the character of the gain be I.R.C. §1245 ordinary income recapture, even though it is considered real property? Roger McEowen is the Professor of Agricultural Law and Taxation at Washburn University School of Law in Topeka, Kansas. From K-State Radio Network, Agriculture Today Program, November 5, 2025; uploaded with permission.