The cost of an asset includes the amount you pay in cash, debt obligations, other property, or services. See IRS Pub 946. For example, if you purchase a tractor by paying $10,000 cash as a down payment and you take out a $90,000 loan for the remainder, then the cost of the tractor is $100,000.
You would be able to depreciate the full $100k cost over time, or, depending on circumstances, elect to take a Section 179 expense for the whole amount in the year that you purchased the tractor.
Other costs associated with the tractor would be deducted in the year they are incurred. For instance, repairs/maintenance, loan interest, registration and personal property taxes, fuel, insurance, etc.
Whether you can deduct ("write off") the entire cost at once or you must capitalize it (take a depreciation expense over time) depends on what kind of asset it is, if it is used for business purposes, the cost of the asset, and, in some cases, what your business's profit is before you deduct the cost of the new asset.
You can find more information about what kinds of assets can be deducted / depreciated in these articles:
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