☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 17, 2023 5:48:05 PM

I purchased a farm tractor for my animal farm in 2022, how do i report it on taxes? I currently have a loan on it.

used farm tractor, 2022 is first year of Farm being claimed, start up cost

0 1 306
1 Replies
Expert Alumni
Feb 17, 2023 6:14:38 PM

You will add the tractor as an asset.  You may qualify for bonus depreciation or section 179- just follow the TurboTax guidance and you will be able to get the correct reporting.  See Depreciation of Business Assets - TurboTax Tax Tips & Videos.