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Non-Cattle Specific Topics
Coffee Shop
Form 6198 At-Risk Limitations
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<blockquote data-quote="Margonme" data-source="post: 1396726" data-attributes="member: 25776"><p>I deduct mileage at the rate of 54 cents per mile for tax year 2016 on my Ford F-350 "farm truck". My sole occupation is farming. My "farm truck" is solely dedicated to the performance of that occupation. I do not use it to commute to an off-farm job. The truck has already been totally depreciated. Only mileage expenses are deducted this tax year. I don't deduct repairs, oil changes, insurance, license, or property tax.</p><p></p><p>In regard to depreciation. My reading of the Schedule F instructions indicates that depreciation does not exclude deducting operating expenses. They are separate functions. Depreciation allows you to "write off" the capital cost of the original purchase of your farm truck. Operating expenses allows you to deduct what it costs to operate the truck excluding the capital cost. You should clarify that with your tax preparer. But it does not make sense if you cannot. In my case, I am not doing both in the same year since my farm truck is beyond the depreciation period.</p></blockquote><p></p>
[QUOTE="Margonme, post: 1396726, member: 25776"] I deduct mileage at the rate of 54 cents per mile for tax year 2016 on my Ford F-350 "farm truck". My sole occupation is farming. My "farm truck" is solely dedicated to the performance of that occupation. I do not use it to commute to an off-farm job. The truck has already been totally depreciated. Only mileage expenses are deducted this tax year. I don't deduct repairs, oil changes, insurance, license, or property tax. In regard to depreciation. My reading of the Schedule F instructions indicates that depreciation does not exclude deducting operating expenses. They are separate functions. Depreciation allows you to "write off" the capital cost of the original purchase of your farm truck. Operating expenses allows you to deduct what it costs to operate the truck excluding the capital cost. You should clarify that with your tax preparer. But it does not make sense if you cannot. In my case, I am not doing both in the same year since my farm truck is beyond the depreciation period. [/QUOTE]
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Form 6198 At-Risk Limitations
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