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)

[NSUSA]

It does not give the option of vehicle in the farm asset section(2023 version). You can enter it as machinery but if you look at the form view, there is a checkbox that asks " is this a truck or van?" Which needs to be addressed.

If you check yes on the form view, then your write off amounts get flagged in red and the form is flagged as incomplete. 

It is my understanding that a farm vehicle over 6,000lbs has a yearly write off amount limit that doesn't apply to farm machinery. 

Is there a work around for this?

[AmyC]

Farm expenses, farm vehicles and farm assets are 3 different categories in how they treat farm items. The type of vehicle does change the rules in effect. There are under 6,000 lb vehicles, then up to 14,000 lb vehicles, then over 14,000 lb and excepted vehicles. Depreciation rules begin on page 37 of the farmer's tax guide.

Publication 225, Farmer's Tax Guide states:

Excepted vehicles. Other property used for transportation does not include the following vehicles.

• Tractors and other special-purpose farm vehicles.

• Bucket trucks (cherry pickers), dump trucks, flatbed trucks, and refrigerated trucks.

• Combines, cranes and derricks, and forklifts.

• Any vehicle designed to carry cargo with a loaded gross vehicle weight of over 14,000 pounds.

For more information, see chapter 5 of Pub. 946.

@NSUSA What are you trying to work around?