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May 18, 2020
Question

I purchased a new truck and living quarters horse trailer for my business this year. How do I report or deduct them?

  • May 18, 2020
  • 1 reply
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1 reply

RobertG
May 18, 2020

You would report them as an asset on the business schedule where you report your business income and expenses, Schedule C or F.

 

You then have a choice of how much to depreciate over time or claim as a deduction in the year of sale.  

 

TurboTax will walk you through your options.

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