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.
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 - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[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.
