Business & farm

A few comments:

  • This is a brand new form, so I am sure there will be issues in completing this form for the next year or so.
  • Appears you have read the instructions, at least for line 8a.  Are you required to complete this form?
    • There could be situations where it is not required; albeit only a few.  If this is the case, at least you can move forward this year.
    • Having said that, this form provides the taxpayer a consistent format to maintain their tax basis.  Whether this form is completed within TT when required, or outside of TT if not required, I still believe it is best to complete it.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.