2018 Chapter 7, Publication 225, Farmer's Tax Guide Correction

If you downloaded the 2018 revision of Publication 225, Farmer's Tax Guide, before December 06, 2018, please note the following.

On page 36, under the "What's New for 2018" section heading for chapter 7, the first paragraph of the subheading for "Depreciation of certain farm property" should read:

The recovery period for any new machine and equipment (other than any grain bin, cotton ginning asset, fence or other land improvement) used in a farming business and placed in service in 2018, has changed from 7 years to 5 years.  The recovery period for any used machine and equipment (and any grain bin, cotton ginning asset, or fence) remains at 7 years.