If IIretire next year and have purchased land clearing equipment to work at after retirement. Do I file as self employed? Where do I enter my equipment purchases?

tipton04 — Sat, 01 Jun 2019 15:19:47 GMT

You will report your new equipment as a business asset on...

KatrinaB — Sat, 01 Jun 2019 15:19:47 GMT

You will report your new equipment as a business asset on next year's tax return. You cannot set the equipment up as a depreciable asset until you are making income. The IRS requires you to depreciate equipment in the tax year that your equipment is placed in service. Then, you will file as a self-employed taxpayer and set up your business on Schedule C where you will list your business equipment. You may decide to depreciate or expense this property. Please view the TurboTax FAQ below for more information about this option.

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topic If IIretire next year and have purchased land clearing equipment to work at after retirement. Do I file as self employed? Where do I enter my equipment purchases? in Retirement tax questions

If IIretire next year and have purchased land clearing equipment to work at after retirement. Do I file as self employed? Where do I enter my equipment purchases?

You will report your new equipment as a business asset on...