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We have a goat farm tax ID business name associated with it.

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Hi, we have a goat...
Hi, we have a goat farm tax ID business name associated with it. We are purchasing a truck for the farm. I am using form ST-125 for tax purposes. When I file taxes in 2018 how do I show this?
Submitted: 1 month ago.Category: Tax
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Answered in 5 minutes by:
3/13/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago

Farmers, like other business owners, have the option to either (1) deduct the actual cost of operating a truck or car in their business or (2) deduct the standard mileage rate for each mile of business use.

If you choose the actual cost method you may deduct those expenses related to the business use of the vehicle. These include gasoline, oil, repairs, license tags, insurance, and depreciation (subject to certain limits). Farmers choosing this method must keep good records of these expenses.

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Customer reply replied 1 month ago
I will deduct the actual cost of operating a truck ; thus I can use this st-125 and register with tax percentage paid pay. When I file with a CPA I'll show the actual cost of operating it for the farm expenses correct?
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago

When you file you will need to show your CPA the purchase of the vehicle and your log for all expenses. They then can deduct that as an expense on the Schedule F.

A positive 5 star rating is appreciated so I am credited for assisting.

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