I purchased a farm vehicle / truck, where do I put down the value I paid as an expense and list as an asset?

[DawnC0]

That is done under the Farm/Business Assets (depending on if you use Schedule F or C) section in TurboTax Home and Business (see images).  TurboTax will walk you through setting up the truck and calculating the depreciation to expense.   When you indicate that this is a new asset, you will be given other depreciation options.  

https://ttlc.intuit.com/replies/5387864

[bsm210]

What are the implications of selling the vehicle after 5+ years?

[ToddL99]

If you sell a vehicle that has been depreciating for 5+ years, then any gain on the sale of that vehicle will be increased by whatever depreciation expense was claimed while it was in service.

(If you had a loss on the sale, it would have been reduced by whatever depreciation expense was claimed while it was in service).

Gain (loss) on the sale = Gross Proceeds from Sale minus Cost (what you paid for it) plus Accumulated Depreciation.

[CSKcpa56]

I'm assuming you own a business and the asset has been depreciated through a Sch F or Sch C or some other business. 

Because you use it for business the sale is reported on the Form 4797. The best thing to do is buy a replacement car/truck and then treat it as a like kind exchange. Which is reported on the Form 8824. There you will have to run through a computation on a worksheet which will give you the basis (for depreciation purposes) of the replacement vehicle. 2020 Instructions for Form 8824 (irs.gov)