I sold fully depreciated farm equipment. The sale price is being reported by TT as ordinary income on schedule 1040 as opposed to income on my schedule F where the depreciation expensed were initially deducted from farm income. I would prefer to report the income on Schedule F to offset losses this year. Is this possible to do?
No. The sale of a business asset is reported separately from the business gain loss. However, in effect the gain on sale being ordinary income will offset the farm loss unless there are passive losses or other restrictions on deducting the loss.
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