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Business & farm
so I'm set up as a sole proprietorship for a small farm...
"You are limited to deducting a maximum of $5000 of startup expenses in your first year of business. Any amount over that is amortized (not capitalized) and deducted (not depreciated) over the next 15 years."
I bought a small tractor in 2019 and formally set up my DBA business name and account in 2019... right now I don't have any income from it, just expenses coming from out of my own pocket. My tractor was more than $5000.. In turbo tax a tractor is an asset right? not a start up expense?
‎January 28, 2020
10:38 AM