Yes, a UTV could be claimed on your farm tax return as Farm Equipment IF you are using it primarily to perform work on the farm.
To claim this deduction follow these steps
- Income and Expenses
- Scroll down to Rentals, Royalties, and Farm
- Click Start next to Farm Income and Farm Rental
- Click yes for the question did you have any farm income
- Enter your Farming income if you have not already
- On Your Farming Income and Expenses, Summary page Scroll down to Farm Assets
- Click Start next to Assets depreciated in TurboTax associated with this farm.
- Go through the Interview questions until you come to Describe this Asset. You can select Farm Equipment there
Currently, you will see that it says Depreciation Under Construction due to IRS major changes this year. You can click continue and follow through but will need to come back at a later date to finish your taxes. You can check this link to see when the needed forms are expected to be available. Form Availability
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