Posted by LAA on April 26, 2017 at 20:08:06 from (130.117.142.131):
In Reply to: Re: Capital gains ??? posted by tomstractorsandtoys on April 26, 2017 at 15:37:31:
I would guess that your tax man wants to charge to fill out forms because the IRS does not require anyone to depreciate anything if they dont choose to do so and there are specific schedules for reporting cost basis and sale price for any endeavor. If you are buying and selling tractors as a business the purchase price should be reported on line 4 of the schedule ''C'' and the selling price on line 1 of the schedule ''C'' and all related expenses reported in part II of the schedule ''C''. You report the profit or loss on line 12 of your 1040, then you will be taxed on the profit or you can deduct the loss.
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