Solved
Sale of Farm Equipment
Farmer trades a piece of equipment that he previously took 179 depreciation-the trade value is $300,000. The Cost of new piece of equipment is $450,000. He is showing a loss of $100,000 on farm so 179 deduction is not available
He will have $300,000 gain from 4797 and a $100,000 loss on F- Tax due on $200,000 less standard deduction Am I missing something???????????
He will have $300,000 gain from 4797 and a $100,000 loss on F- Tax due on $200,000 less standard deduction Am I missing something???????????
