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.
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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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