lakngulf
Veteran Member
"If you use it part business, part personal you can would likely need to apply the hobby loss rules which means that you can deduct the business portion of your expenses (as misc itemized deductions) up to your income from this activity in a very specific order. You need to keep a log book of the tractor activities. Since you don't itemize, this would likely have the perverse effect of including your hobby income, but allow you no deduction for expenses. These rules are very complex, you should read about them."
smfcpacfp,
I am a bit familiar with some of this, as I have written computer programs and maintained systems as a side job for years. At one location I had a more defined office and included it as a business expense. I can imagine that the part time tractor work would be similar, with excellent records required, probably based on tractor hours. But I would assume that travel expenses to and from tractor jobs could be included as part of the expense.
At one point you said "since you don't itemize". I am not sure what you meant by that. How else would you enter the expenses?
smfcpacfp,
I am a bit familiar with some of this, as I have written computer programs and maintained systems as a side job for years. At one location I had a more defined office and included it as a business expense. I can imagine that the part time tractor work would be similar, with excellent records required, probably based on tractor hours. But I would assume that travel expenses to and from tractor jobs could be included as part of the expense.
At one point you said "since you don't itemize". I am not sure what you meant by that. How else would you enter the expenses?
