Farm Vehicles And Fuels 2021

Finn Kevin19 May, 2022Business

Farmers can deduct expenses of operating a car or truck used in a farming operation. You can use the standard mileage rate or the actual expense method to compute the deduction. When choosing the standard mileage rate, there is no additional deduction for depreciation, rent or lease payments, or actual operating expenses. You can use the standard mileage rate for 2021 only if you: