Disposing of a Farm Asset

Forum|Forum|4 years ago
March 12, 2022
1 reply
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I'm using TurboTax Business desktop. Under Federal Taxes/Farming I have several assets entered under the New Farm Assets button that are in various stages of depreciation.

There are a few that I need to dispose of but when I click on Dispose of Farm Property there is a box for yes and no and if I click on either one and then continue nothing happens.

At the top of Farm Assets Summery page there is a note to not delete an asset to dispose of it but to click edit. If I do that I get the standard items to setup an asset but noting about disposing of it.

The Dispose of Business Property under federal taxes / income seems to work properly but the assets I need to dispose of are not entered there.

How do I dispose of a farm asset?

Thanks!

TurboTax Business Windows

PatriciaV

Employee

Disposing of a Farm Asset is reported in several steps of the Farming topic in TurboTax Business.

Under Farm Assets, be sure you have entered all your assets, including those you sold. The information you enter here determines the outcome of the sale you record later.

Under Dispose of Farm Property, answer "yes," you have sales to report. If the asset you need to sell is not listed on the Select Disposed Asset page, you can use the link at the bottom "Asset Not Listed?" to enter another asset.

For each sold asset, click Edit, then follow the prompts to record how you disposed of the asset and the sales information (if any).

Because you are selling farm assets, you would not report these transactions under the Dispose of Business Property topic on the Income page. Special forms are used to report farming activity, so be sure you use that main topic for all your farm activity.

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BilltheFarmerAuthor

Thanks for the reply.

All of my assets are listed under "Farm Assets." I've been using this program for several years and entering assets most years.

When I select "Dispose of Farm Assets" I can select yes or no. If I select yes and then click continue, nothing happens and I stay on the same page. I don't get additional options of selecting an asset for disposal, etc.

Selecting No and continue also stays on the same page. Basically the Dispose of Farm Assets page does not work for me. It did the same thing with last year's version too but I didn't have time to deal with it then. I had some items stolen so there was no gain. Since it has done it before I feel that there must be something with my "form" that is holding it up though I didn't do anything unusual when I entered the assets or it's something that I'm doing wrong.

I have other assets listed under the Business Income portion and that disposal page operates correctly.

PatriciaV

Employee

It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue.

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions:

Please go to the black panel on the left side of your program and select Tax Tools.

Then select Tools below Tax Tools.
A window will pop up which says Tools Center.
On this screen, select Share my file with Agent.
You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number.
Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.

We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here and provide you with a resolution.

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