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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15720
Experience:  15years with H & R Block. Divisional leader, Instructor
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If I purchase a tractor in December 2015 to start a new

Customer Question

If I purchase a tractor in December 2015 to start a new business in December 2015 to use my tractor for hire in jobs such as brush clearing, pasture cutting, debris removal etc. can I deduct the purchase of the tractor from my 2015 income taxes?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


You might not be able to use the full cost of the tractor in 2015 but you can depreciate a portion of the cost for 2015.

Half-year convention generally applies in the computation of cost-recovery deductions (depreciation) for the year that property (other than real property) is first placed into service.

50% Bonus Depreciation will be extended through 2019. Businesses of all sizes will be able to depreciate 50 percent of the cost of equipment acquired and put in service during 2015, 2016 and 2017. Then bonus depreciation will phase down to 40 percent in 2018 and 30 percent in 2019.

Expert:  Robin D. replied 1 year ago.

I can give you a link to a calculator that can show you your savings

If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.