Yes, you can deduct equipment purchases on Schedule F if they are used for your farming business. Equipment, such as tractors, machinery, and other farm-related assets, may qualify for depreciation deductions or be eligible for immediate expensing under certain circumstances. It is important to maintain proper records of equipment purchases and consult with a tax professional or review the IRS guidelines to determine the correct method of depreciation or expensing for your specific farming operation. By deducting equipment purchases, you can potentially reduce your taxable farm income.