How do I put farm equipment on my taxes

[Cattlerancher · Accepted solution]

In the farm income section of TurboTax, you will enter each piece of equipment as an asset using the Asset Entry section. Usually each asset is entered individually. After you answer a series of questions about each asset, TurboTax will automatically calculate the allowed depreciation and keep track of it for you on the Depreciation Report. Each year when you start a new tax return, TurboTax will transfer your previous years name, address, SS #, ect. and depreciation.

[Ted8]

entered it last year as an asset but where do I write off expenses like fuel, payments, etc

[mesquitebean]

---

@Ted8 wrote:

entered it last year as an asset but where do I write off expenses like fuel, payments, etc

---

Please see the info I left in your other thread at this link, and if necessary, you can continue the discussion there.

https://ttlc.intuit.com/community/business-taxes/discussion/farm-equip-tractor/01/864330