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 Corn in Southern Wisconsin: The Early Years - by Pat Browning. In this area of Wisconsin, most crops are raised to support livestock production or dairy herds in various forms. Corn products were harvested for grain, and for ensilage (we always just called it 'silage'). Silo Filling Time On dairy farms back in the 30's and into the first half of the 40's, making of corn silage was done with horses pulling a corn binder producing tied bundles of fresh, sweet-smelling corn plants, nice green leaves with ear; the
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