topic Sale of Farm Assets in Business & farm

Sale of Farm Assets

zigzywno — Fri, 28 Feb 2025 14:56:58 GMT

I sold a couple pieces of equipment that had not yet fully depreciated. I see nothing in TurboTax that concerns this. I type 'sale of asset' into the search and it takes me to a list of uncommon property sale scenarios. How do I record the sales?

Re: Sale of Farm Assets

ThomasM125 — Fri, 28 Feb 2025 15:15:50 GMT

You need to update the asset entry and indicate that is was sold on the screen that says Tell Us More About This Asset/Large Purchase:

You find the Business Assets option when you go into your business entries, on the screen that says Your (name of business) Business:

After you indicate that you sold the asset, you will see a screen where you can enter the sales proceeds and other pertinent information.

Re: Sale of Farm Assets

zigzywno — Fri, 28 Feb 2025 16:19:11 GMT

Thanks for your reply, @ThomasM125. This is all that is shown for an asset entry. FYI, this is Schedule F. Not Schedule C.

Re: Sale of Farm Assets

ThomasM125 — Fri, 28 Feb 2025 16:39:37 GMT

You may need to enter "sale of business property" to find the jump to link to that section, as it looks like you may be on a Mac computer? You can learn more here.

Re: Sale of Farm Assets

zigzywno — Fri, 28 Feb 2025 18:06:16 GMT

Thank you. I guess I was initially on the right track when I reached the page with the "uncommon" property sale scenarios. Do I now go back to my assets list and simply delete the ones I sold?

Re: Sale of Farm Assets

RobertB4444 — Fri, 28 Feb 2025 21:29:29 GMT

No. If you indicated that they were sold in this tax year then they need to stay on there for this year. They will not roll over into next year's tax return since they were sold this year.

@zigzywno

Re: Sale of Farm Assets

zigzywno — Fri, 28 Feb 2025 21:49:55 GMT

Thanks!