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Level 2

Question

Tractor/ writing off interest

Forum|Forum|6 years ago
April 8, 2020
1 reply
8 views

We have a farm my husband bought a tractor, not new, but out 10,000. Down and finances the other 18,500. Where do I put the interest, and do I only put what we put down and our total for payments in 2019?

Level 14

You will use the total purchase price of the tractor for depreciation which from your question appears to be $28,500. You will report the interest on Schedule F Profit or Loss from Farming Part II Line 21b

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JagRanch2020Author

Level 2

Thank you so much for the info..