Question

Sale of Farm Assets

Forum|Forum|1 year ago
February 28, 2025
2 replies
0 views

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?

Farm

T

ThomasM125

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.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Z

zigzywnoAuthor

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

T

ThomasM125

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.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Z

zigzywnoAuthor

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?

R

RobertB4444

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

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"