I'm using TurboTax Business desktop. Under Federal Taxes/Farming I have several assets entered under the New Farm Assets button that are in various stages of depreciation.
There are a few that I need to dispose of but when I click on Dispose of Farm Property there is a box for yes and no and if I click on either one and then continue nothing happens.
At the top of Farm Assets Summery page there is a note to not delete an asset to dispose of it but to click edit. If I do that I get the standard items to setup an asset but noting about disposing of it.
The Dispose of Business Property under federal taxes / income seems to work properly but the assets I need to dispose of are not entered there. (THEY ARE IN THE FARM SECTION) I am filing a farm partnership tax return.
This same question was posted in March 2022. MANY people are having this issues. It is a known bug for several years and as far as I can tell, it has not been fixed.
The work around we have been told to use is to click on Forms and enter it manually. But I'm not 100% sure I'm entering all of the proper information. Do I just need to fill in info for:
*Date of dispostion
*Asset Sales price
*Property Type (most of the assets I need to dispose of are cattle, but a few other things also).
Whay has this not been fixed???
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I tried entering this data straight into the forms and they did NOT calculate the gain properly.
*Date of dispostion
*Asset Sales price
*Property Type (most of the assets I need to dispose of are cattle, but a few other things also).
Most of the items I'm trying to dispose of are cattle that were previously section 179'ed, so it should be recapturing the income for a gain, but on one that was bought for $2260 (section 179'ed) and sold for $2200, was showing a $60 loss.
AND after I entered 4 cows manually in the form, the "UPDATE" button to open the "Dispose of Farm Property" button wouldn't even click to open at all. I deleted all of the data from the dispersal sections and now it will let me open the "Use of Your Business Assets" page again where the question "Did you Dispose of any assets in 2023" appears, but I still can't get it to "Contiue" when I click the blue Continue button to try and enter the disposal information with the step-by-step guide.
Token #[number removed]
Should show the fact that the CONTINUE button never takes me to be able to dispose of assets. If I try to manually dispose of the asset in the Forms, it doens't see to calculate properly and then it makes ALL of the buttons lock up.
They are supposed to open a Case on this issue, but I really need to file my taxes before midnight tonight to avoid additional penalties.
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