Solved: How to expense under Section 179 a Ford tractor purch in 2017 for $3500. The tractor used 100% in relation t/farmland rental inc on Sch E. How do we do that in Turbo Tax?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
oaklandj
New Member

How to expense under Section 179 a Ford tractor purch in 2017 for $3500. The tractor used 100% in relation t/farmland rental inc on Sch E. How do we do that in Turbo Tax?

 
1 Best answer

Accepted Solutions
Anita01
New Member

How to expense under Section 179 a Ford tractor purch in 2017 for $3500. The tractor used 100% in relation t/farmland rental inc on Sch E. How do we do that in Turbo Tax?

You enter the tractor as an asset in the rental income and expense interview.  After entering all the purchase information, you'll be asked if you want to claim a 179 deduction or deprecate the tractor over time, if the asset type qualifies for a 179.

View solution in original post

4 Replies
Anita01
New Member

How to expense under Section 179 a Ford tractor purch in 2017 for $3500. The tractor used 100% in relation t/farmland rental inc on Sch E. How do we do that in Turbo Tax?

You enter the tractor as an asset in the rental income and expense interview.  After entering all the purchase information, you'll be asked if you want to claim a 179 deduction or deprecate the tractor over time, if the asset type qualifies for a 179.

View solution in original post

oaklandj
New Member

How to expense under Section 179 a Ford tractor purch in 2017 for $3500. The tractor used 100% in relation t/farmland rental inc on Sch E. How do we do that in Turbo Tax?

We didn t get an option to claim a 179 deduction. I need to talk to a representative.
oaklandj
New Member

How to expense under Section 179 a Ford tractor purch in 2017 for $3500. The tractor used 100% in relation t/farmland rental inc on Sch E. How do we do that in Turbo Tax?

We want to claim the tractor under part 1 form 4562 as Section 179 property.
Anita01
New Member

How to expense under Section 179 a Ford tractor purch in 2017 for $3500. The tractor used 100% in relation t/farmland rental inc on Sch E. How do we do that in Turbo Tax?

What asset type did you choose?
Dynamic AdsDynamic Ads
v
Privacy Settings