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.
posted
October 16, 2023
1:35 PM
last updated
October 16, 2023
1:35 PM