If you are reporting income and expense on a farm tax return, the expense should be reported on the farm tax return.
If you have assets that cost less than $2,500, it is easier and faster to enter their total cost under the miscellaneous costs.
For items that costs more than $2,500, you should add them as assets and you will be prompted to spread the cost out over the useful life of the asset as defined by the IRS. Depreciation spreads the cost of the asset out, as a deduction, over multiple years.
In some cases, you will be offered to take Section 179 deduction, which allows you to write off the entire amount in the current year.
See this TurboTax Help.