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Updated over 7 years ago,
5 acres with Grapefruit trees - deductions?
So I have the potential to purchase a property with 3 units on 5 acres, which includes a ton of fruit trees that are taken care of by outsourced farmers (small check to owner). Apparently the big thing is the tax benefits of owning the orchard, which he was able to deduct $400 per tree. My question here is that apparently he can only do this for 15yrs or so and his time has run out, so he's selling. Can I buy the property and get the same tax benefits even though the trees are now old? I tried to find this online but couldn't determine.
Thanks
Jared