turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

My husband bought a tractor for $16500 to use on land we are harvesting pine trees. Can we write this expense off?

We still owe about $25,000 on this land. We purchased with indent of agricultural purposes, harvest pine trees then run cattle.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

My husband bought a tractor for $16500 to use on land we are harvesting pine trees. Can we write this expense off?

Timber sales are usually from an unmaintained forest and sold as capital gain income, not as earned income (schedule F) therefore schedule F expenses for timber sales may be a red flag to the IRS.

If you start operating a cattle ranch and have calf sales from cows or breeding stock sales, that would be entered on schedule F along with ordinary expenses used in a cattle ranch, this would include your tractor depreciation.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies