3101076
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

nackw1
New Member

Can I switch my farm assets to a new business assets the following tax year

I have some equipment/assets I purchased in 2022 . I currently have a farm but sold my cattle in 2002 year end. I will no longer have the cattle part of the farm but still use my assets on my farm(tractor, skid steer, trailers, grain drill, disk, etc..) I have started a new self employed business for the 2023 tax year (a skid steer/land clearing business with the equipment I purchased in 2022 and 2023). I will not have any profit from my business to report in 2022 but will have in 2023. 
What do I need to do about claiming the assets purchased in 2022? Claim them on farm and then can I move them to my business in 2023 and do away with the farm and no longer file a schedule F but file a schedule C? I am so confused on this.  Our farm has a negative amount from all of the equipment.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Can I switch my farm assets to a new business assets the following tax year

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question