Question

I bought a new truck to check on my farm in Illinois, is this tax deductible

Forum|Forum|5 years ago
June 13, 2020
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A

Anonymous

you have really provided enough info. is it only used on the farm? if not what else is it used for? any personal use such as possibly driving from another home to the farm. the more info you give us about its use the more likely we can give guidance on deductibility.

S

sparky2003-Author

I also use it to haul items to Florida for the winter months and for hauling mulch for my home in Morton, Illinois. Can I at least depreciate it off of my taxes ?

Hal_Al

Employee

Q. : I bought a new truck to "check on" my farm in Illinois, is this tax deductible?

A. No. You'll need a much more specific business purpose than that. Even then, you can only deduct the business portion of the cost. Specifically, do you report income from the farm on either Schedule C, schedule E or Schedule F? And does you trips to the farm include any personal use, e.g. do you visit family while you're there?

Most people come out better using the standard business mileage rate, rather than "actual expenses", including depreciation. See:

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh