Posted by Check Break on February 10, 2017 at 23:35:30 from (47.143.124.66):
In Reply to: Depreciation posted by Texasmark1 on February 10, 2017 at 14:50:33:
Depreciation is a use it or lose it concept. If you don't claim depreciation the two years the property is idle, you lose the depreciation thereon.
Idle property is not property you've taken out of service. If you've sold or scrapped the property it's out of service. If it's not currently being used and waiting for the right time to be used again, it's idle property and depreciable.
If you haven't permanently closed your business in years 7 and 8, file the Sch F and report the depreciation. Talk to a knowledgeable tax adviser who is familiar with your tax situation re what to do with the ensuing loss.
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Today's Featured Article - Harvestin Hay: The Early Years (Part 2) - by Pat Browning. The summer of 1950 was the start of a new era in farming for our family. I was thirteen, and Kathy (my oldest sister) was seven. At this age, I believed tractor farming was the only way, hot stuff -- and given a chance I probably would have used the tractor, Dad's first, a 1936 Model "A" John Deere, to go bring in the cows! And I think Dad was ready for some automation too. And so it was that we acquired a good, used J. I. Case, wire tie hay baler. In addition to a person to drive th
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