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Farm Income Expense - Rent or Lease

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Question
Farm Income Expense - Rent or Lease

Answer

If you rented or leased vehicles, machinery, or equipment, en-ter on line 24a the business portion of your rental cost. But if you leased a vehicle for a term of 30 days or more, you may have to reduce your deduction by an inclusion amount. See Leasing a Car in chapter 4 of Pub. 463 to figure this amount.

Enter on line 24b amounts paid to rent or lease other proper-ty such as pasture or farmland.

 


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Views: 459 Created on: Jun 15, 2013
Date updated: Sep 21, 2015

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