Tractor/ writing off interest

JagRanch2020 · ‎April 7, 2020

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?

LeonardS · ‎April 8, 2020

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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JagRanch2020 · ‎April 8, 2020

Thank you so much for the info..

Tractor/ writing off interest