DaveF1006
Expert Alumni

Business & farm

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 

 

 

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