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Yes, it sounds like the tractor will qualify as an asset. An asset is anything you purchase to use in your business to make money, which will last for more than 1 year. I'll include instructions for entering this in the software below.
Depreciation expense allows you to spread the deduction for the cost of the asset over it's 'useful' life according to IRS rules. As a small business owner, you'll typically be able to take the total deduction this year (the year "placed in service" in your business), through Bonus Depreciation & Section 179. However, if you didn't make much money in your business this year, you may want to take the standard expense amount and save your deductions for future years (when you expect to have more income).
If the tractor (or any other assets you have) cost less than $2,500, then you can tell the software this (at the start of the asset addition section) and you'll be able to 'elect' to deduct these expenses in full this year. In this case, you can enter them under whatever business expense applies, such as supplies or the miscellaneous section.
To enter your vehicle expenses in the TurboTax Self-Employed Edition, follow the instructions below.
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