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H
Hepler
Level 2
June 13, 2023
Question

SALE OF FARM

  • June 13, 2023
  • 1 reply
  • 8 views

I have a client that has been farming for 28 years.  They retired and sold the farm and all the equipment in 2022. They had NO farm activity in 2022.  Schedule F would be 0.

1. How do I report the sale in Proconnect?

2. Do I do a sold disposition for every asset?

3. My client thinks that they will not own any Capital Gains since they have lived there for so long.  Is this correct and if so, how do I report the sale then?

This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
June 14, 2023

First, you need the sale price allocation. How much was paid for the equipment?

The portion of the sale allocated to the personal residence should qualify the 121 250K/500K exclusion. Gain to the extent of depreciation is taxable.

The gain on the sale of the probably fully depreciated equipment is taxable.

The more I know the more I don’t know.
    H
    HeplerAuthor
    Level 2
    June 14, 2023

    thank you

      sjrcpa
      sjrcpa
      Level 15
      June 14, 2023

      You're welcome.

      The more I know the more I don’t know.
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