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?
posted
April 7, 20205:27 PM
last updated
April 07, 20205:27 PM
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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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