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Question

Move farm to new state

Forum|Forum|3 years ago
March 22, 2023
1 reply
0 views

My husband and I moved our farm to a new state in mid 2022. When trying to complete business portion of deductions, all of our deprecation equipment and farm information is missing. Nothing has populated from the 2021 tax form. I am using our current address to fill out the tax form. Should I use the old address? Also can we deduct cost of moving expenses?

TurboTax Home & Biz Windows

You should use your current address on your tax forms. You could deduct the cost of moving farm equipment as that is a necessary and reasonabe expense of conducting your business. You cannot deduct the cost of moving any personal belongings or yourself however. If the farm and personal moving expenses are commingled, you need to proprate them based on the cost associated with personal versus farm moving expenses. The farm moving expenses get deducted on your Schedule F for the farm.

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ma110Author

That helps with moving expenses but doesn't answer how to get all my farm assets from 2021 tax form to 2022 form without using previous address. I hope I don't have to manually put all of it in.

TurboTax should transfer all your information from your 2021 to your 2022 return including your farm.

It would keep the farm in your old state because TurboTax wouldn't know you moved the farm, even if you told TurboTax that you moved.

DId you try and set up a new farm on your 2022 return, or update the info about the old farm?

Since you are using CD/Download, try creating a new return and see if your farm info moves over. If it does not, you can delete the new return.

How do I transfer last year's return into TurboTax Online?

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