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???
