Re: Where do i put the finance charges on a tractor i have financed

Where do i put the finance charges on a tractor i have financed

posted

If the tractor is used in your business, the finance charges are deductible as "Interest" expenses for the business. For a self-employed individual, there is a specific line 16b on Schedule C, and TurboTax will have "Interest" as a category of expense. For a farm, the line is 21b on Schedule F.

If the tractor is for personal use, the interest expense is not deductible.

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