Schedule F

Are small tools supplies?

You should be deducting your farm supplies, such as tools used for farming, as a business expense as you buy them on the schedule F. These are supplies.

Being stolen does not help you write them off, & you can't write them off now - only when you buy them.

You should be able to write off your new tools when you buy replacements.

--->Paul

by small, do you mean small and very expensive or small and don"t cost much, low cost items that get lost/stolen could very easily be supplies

very expensive items (no matter the size) catch auditors eye, should go on depreciation schedule and you there you take section 179 on them, get it all in one year if you have a profit that year

lock your pickup, get a mean dog, ask your neighbors to keep an eye out

Mark