Posted by LAA on February 14, 2019 at 11:56:29 from (37.121.191.90):
In Reply to: Re: 2018 federal taxes posted by Jim Buford on February 14, 2019 at 10:29:18:
I will start by stating that I am not an accountant or tax professional but I have reported sales of previously depreciated assets in the past. If the assets that you sold in 2018 were previously depreciated farm assets then you most likely owe recapture tax. if those assets were entirely depreciated out against income on previous years schedule F then the net amount received in the current sale is taxable at the taxpayers ordinary income rate. I would just list the total dollar amount received in the sales on line 1 with my other earned income. If you sold anything for more than you originally paid you should be able to pay the capital gains rate on any amount exceeding the original purchase price but would still owe your normal tax rate on the original basis amount since that'll was the amount depreciated, but that is additional paperwork. Alternatively, you probably could report the sale as business income on a schedule C if you have a business profit exceeding the original basis of those assets, I would think that the IRS don't care which line or form they get paid on as long as they get paid, it is an interesting question.
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