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?
02521
2 Replies
LeonardS
Expert Alumni
Apr 8, 2020 10:39:19 AM
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