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Level 1

How do I put farm equipment on my taxes

 
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Level 1

How do I put farm equipment on my taxes

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.

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Level 1

How do I put farm equipment on my taxes

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.

Level 3

How do I put farm equipment on my taxes

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

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Level 20

How do I put farm equipment on my taxes


@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