Used-Farm-Tractors.org

only if you are doing this commercially and filling out form F on your IRS filings. if you sell nothing from the farm you may not qualify as a farm, especially with only 7 acres.

there are likely property tax deductions you can take too. In Ohio we have CAUV which cuts taxes nearly 50%. But again you will have to have a minimum gross income from your farming operation.

For example my farm is 9 acres and not big enough to qualify as a farm in Ohio except we gross more than $2500 a year which qualifies us as a farm so we get the property tax breaks and the feds recognize us as a farming operation so we take the form F deductions, which certainly include equipment purchases and building costs.

Yes, of course you can. But there are all kinds of USDA loans and tax deductions available for farmers. It is an extremely tough business, and there are lots of provisions in the tax code to help you. You should contact your county extension agent for help with this. There are people in the agriculture department whose job is to offer very detailed help with things like this.