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If i started a farm in 2016 but purchased a tractor in Dec 2015 how do i write off

 
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Employee Tax Expert

If i started a farm in 2016 but purchased a tractor in Dec 2015 how do i write off

Enter the tractor as an asset on your schedule F. You will be entering the date that you placed the tractor in service in the  Asset section, and depreciating the equipment. To navigate to the section:

  • Select the Business tab
  • I'll choose what I work on
  • Then scroll the business page for Farm Income and Expense section.

See attachment

https://www.irs.gov/pub/irs-pdf/p946.pdf

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