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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- sale of farm
sale of farm
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Hepler
Level 1
06-14-2023
09:31 AM
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I have a client that has been farming for 28 years. They retired and sold the farm and all the equipment in 2022. They had NO farm activity in 2022. Schedule F would be 0.
1. How do I report the sale in Proconnect?
2. Do I do a sold disposition for every asset?
3. My client thinks that they will not own any Capital Gains since they have lived there for so long. Is this correct and if so, how do I report the sale then?
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sjrcpa
Level 15
06-14-2023
09:39 AM
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Only ask once.
https://proconnect.intuit.com/community/proconnect-tax-discussions/discussion/sale-of-farm/00/266901
The more I know, the more I don't know.
