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Discussion Boards > Active Subjects > Messages as Posted > Barns Pole Barns Forum

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 03-11-2007, 23:30 Post: 140380
chrisscholz



Join Date: Oct 2003
Location: iowa
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  irs rules for depreciation-own vs rent polebarn

I got a bid for a Wick polebarn 30'x50' with a 12' lean on one side, and 3"ceiling insulation for $32000. They are offering a 7% winter discount. I will use 40% of the building for ag/farm storage, 40% for business storage, and 20% for hobby/personal. The salesman said I can lease if for 5 years (thru Wells Fargo etc.) with an option to buy for a certain amount at the end($4000-$6000)and fully expense the lease payments. If I buy it conventionally, I would have to depreciate it at the normal 39 years. The lease would cost about 6-7%, but I am in the higher tax brackets, making it look attractive. However, one accountant's opinion is that if the lease is set up with a purchase agreement at the end, you cannot write-off the lease. A previously posted message said the lease only really works for metal framed barns, because they could be theoretically moved and resold. Should I lease, or buy outright?






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 03-12-2007, 23:36 Post: 140414
chrisscholz



Join Date: Oct 2003
Location: iowa
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  irs rules for depreciation-own vs rent polebarn

I like some aspects of the metal building, but with the higher price it may not be as attractive. I have seen the metal screws condensate, even when insulated, and rusting in the ceiling, etc. I am sure with today's better insulation this is not a big issue.
I need to investigate the lease issue more.






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Discussion Boards > Active Subjects > Messages as Posted > Barns Pole Barns Forum

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