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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
06-13-2023
03:32 PM
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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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3 Comments 3
sjrcpa
Level 15
06-14-2023
09:38 AM
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First, you need the sale price allocation. How much was paid for the equipment?
The portion of the sale allocated to the personal residence should qualify the 121 250K/500K exclusion. Gain to the extent of depreciation is taxable.
The gain on the sale of the probably fully depreciated equipment is taxable.
The more I know, the more I don't know.
sjrcpa
Level 15
06-14-2023
11:42 AM
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You're welcome.
The more I know, the more I don't know.
