Consequences of filing Schedule C when you are farming and selling purchased product

[atataylor]

If my am a Floriculture Farmer, planting seed and selling my farm floral products along with purchased floral products and my deprecation consist of:

1. Building  2. Irrigation system 1 3. Irrigation System 2 4. Truck 5. Land Improvements 6. Cooler

2.  Schedule C Previous Deprecation # 2 15 HY 150DB, #3 7 HY200DB,  #5 15HY 150DB,  #6 5 HY 200DB

1?  Can I switch to Schedule F and retain the previous deprecation schedule?

2?  Are legal consequence if I continue to file the Cx Return on Schedule C?

[DaveF1006]

No, there are no legal consequences if you continue to use a Schedule C to report sales from your floral products.  Schedule F is especially designed to report income and expenses generally specific to farming but since you retail your floral products, Schedule C will work just fine.

It may be beneficial to switch to Schedule F because of some farm credits may be beneficial to you that are not available on a Schedule C. You may continue the depreciation schedule as is and the prior depreciation can be inputted from the depreciation Schedule form your 2022 return.

[Edited 04/01/24|7:15 am PST]

@atataylor