They were loans to buy trucks, tractors green houses etc.
Loans themselves rarely result in income or deductions. For example, if the farm was still in business you would not deduct the repayments.
If the farm is out of business you may have some loss on abandonment of trucks, tractors, greenhouses, etc. but I would work with a local tax professional to determine that, as it can be complicated. Merely paying back the loans by themselves is not a deduction.
They were loans to buy trucks, tractors green houses etc.
Loans themselves rarely result in income or deductions. For example, if the farm was still in business you would not deduct the repayments.
If the farm is out of business you may have some loss on abandonment of trucks, tractors, greenhouses, etc. but I would work with a local tax professional to determine that, as it can be complicated. Merely paying back the loans by themselves is not a deduction.
Much of the answer to your question depends on what the debt was for. For example, if the loans were incurred for (and proceeds expended for) deductible items such as feed and fertilizer, and you deducted them when purchased, you can't deduct them again when you pay the loan back.
What were the loans for?
I still have to pay the loans back so I don't know how to incorporate that into my taxes