Posted by LAA on February 15, 2019 at 04:59:16 from (130.117.142.131):
In Reply to: Re: 2018 federal taxes posted by Jim Buford on February 14, 2019 at 13:15:04:
I think I would clear the books so to speak on the past farm dealings by reporting the sale of any assets which were previously depreceaited or expensed on schedule ''F'' as ordinary income for 2018 simply because I believe that there has to be some type of tax consequence pertaining to the farm enterprise regarding those assets regardless of how you do it and the simplest method seems to be to report as ordinary income this year. The reason I say this is because I think that the IRS would require some sort of transfer from the farm business to the new schedule ''C'' business anyway, and doing so would be more paper work involved. If it actually cost you money to sell these assets, advertising, phone calls, commissions or what have you that expense can be deducted off the top before you report as ordinary income, or subtracted from the adjusted basis, as it may be.
Upload one or more videos to your post. Photo and video filesizes should be less than 5MB. Formats allowed are gif, jpg, png, ogg, mp4, mov, and avi. Be sure to use filenames without spaces or special characters, and filetypes of 3 digits lower case.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
... [Read Article]
Latest Ad:
Oliver 550 Diesel runs like a watch three point hitch pto engine gone threw about two hundred hours ago nice clean tractor
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.