Disposing of a Farm Asset

[BilltheFarmer]

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. 

How do I dispose of a farm asset?

Thanks!

[PatriciaV]

Disposing of a Farm Asset is reported in several steps of the Farming topic in TurboTax Business.

Under Farm Assets, be sure you have entered all your assets, including those you sold. The information you enter here determines the outcome of the sale you record later.

Under Dispose of Farm Property, answer "yes," you have sales to report. If the asset you need to sell is not listed on the Select Disposed Asset page, you can use the link at the bottom "Asset Not Listed?" to enter another asset.

For each sold asset, click Edit, then follow the prompts to record how you disposed of the asset and the sales information (if any).

Because you are selling farm assets, you would not report these transactions under the Dispose of Business Property topic on the Income page. Special forms are used to report farming activity, so be sure you use that main topic for all your farm activity.

[BilltheFarmer]

Thanks for the reply.

All of my assets are listed under "Farm Assets." I've been using this program for several years and entering assets most years. 

When I select "Dispose of Farm Assets" I can select yes or no. If I select yes and then click continue, nothing happens and I stay on the same page. I don't get additional options of selecting an asset for disposal, etc. 

Selecting No and continue also stays on the same page. Basically the Dispose of Farm Assets page does not work for me. It did the same thing with last year's version too but I didn't have time to deal with it then.  I had some items stolen so there was no gain. Since it has done it before I feel that there must be something with my "form" that is holding it up though I didn't do anything unusual when I entered the assets or it's something that I'm doing wrong. 

I have other assets listed under the Business Income portion and that disposal page operates correctly. 

[PatriciaV]

It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue.

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

Please go to the black panel on the left side of your program and select Tax Tools. 

1. Then select Tools below Tax Tools. 
2. A window will pop up which says Tools Center.  
3. On this screen, select Share my file with Agent. 
4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. 
5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here and provide you with a resolution. 

[BilltheFarmer]

Cool,

Token #955066

[PatriciaV]

We've reviewed the return you shared and are experiencing the same result when attempting to record the disposal of Farm Assets.

Would you please try creating a new 2021 return using your 2020 tax file from last year? After you start the new return, and without making any new entries, please see if you can record the sale of any farm assets. While we don't know exactly what is happening, it might help to know if you can access that portion of the program in a new return.

Note that you can create as many tax returns as you wish in TurboTax for Desktop. Testing your prior year import will have no effect on your current year return or your ability to e-file when the time comes.

Thanks for your assistance.

[BilltheFarmer]

Thanks for looking into this.

I created a new return and imported last year's data. Without doing anything else I went straight to the Disposing page and got the same results.

If you want to take a look it is Token 955458

[PatriciaV]

Do you still have TurboTax 2020 installed? If so, please send me a token from your 2020 return. It's possible the issue began last year.

[BilltheFarmer]

For some  reason 2020 is missing the license key and it's missing from my list on the TurboTax website and I didn't have time to figure that out but here's

2019 It does the same thing Token #956622

2018 It does the same thing Token #956630

2017 It does the same thing but it wouldn't let me make an upload

[PatriciaV]

Please clarify the experience you describe as "does the same thing." Are you unable to access your list of assets in any tax year return?

[Laura GMG]

having the EXACT same problem.  In fact remember having it in 2020 but just ingnored b/c was only disposing of assets we had given away or junked but this year have  assets that were sold.  

Have/Can Intuit fixed this bug!?!  

[Laura GMG]

@BilltheFarmer   I called Turbotax support and they said just go the forms and do it manually.  I find that a bit more challenging but not terrible I have requested that they put in for a fix for this bug as I know it wasn't working in 2020 and from your tests wasn't working in other years as well.  

From the spot where it wont' continue go up to the right and click forms, you'll get a list on left of scroll down to Asset Entry that you are looking for and do disposition in the form.   

Hopefully Turboxtax will decide farmers are valuable customers and will fix this!  

[BilltheFarmer]

Does the same thing as in the dispose for farm assets pages doesn't move on when the continue button is pressed. 

[BilltheFarmer]

I really appreciate you looking into this for me/us.

Really though, the solution from them is to fill the form out by hand, lol, I could do the whole thing by hand and save the $ on TurboTax.  

[PatriciaV]

@BilltheFarmer

In your 2021 return, please try accessing your Asset List using the Show Topic List link in the TurboTax menu. The menu is the black band above the blue TurboTax Business header. "Show Topic List" has a stack of lines to the left of the words. 

1. Click on Show Topic List.
2. Scroll down to Federal Taxes PSHIP >> Income and click on Depreciable Asset Sales.
3. Your Asset list should appear on a page called "Select Disposed Asset."
4. You have several pages of assets, so you may need to use the Page Down link at the bottom of the list to find the asset you need to sell.
5. Click "Select" beside that asset and follow the prompts to record the sale.

Please let me know if this procedure works for you.