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June 3, 2019
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I sold my 1990 farm truck. on the line"sale of business property" it lists a value of twice what I sold my farm truck for. not sure why? unable to edit it either.

  • June 3, 2019
  • 1 reply
  • 0 views

see above

Best answer by mglauner

Type 'farm income' in the Search window, then 'Jump to farm income'.

If you were claiming expenses for your Farm Truck, enter the disposition under the Farm Vehicles topic.

 

If not, you  can add the truck info here, and date you started/stopped using the truck, and related info such as Cost and FMV when you started using it for business. 

 

If you used it for over 7 years, it was fully depreciated and you could enter $0 as Sales Price and Accumulated Depreciation equal to the original cost you entered earlier. 

 

To delete the sale from 'Sale of Business Property', type 'sale of business property' in the Search window, then 'Jump to sale of business property'.

 

Leave only the first box checked, and on the next screen you can Delete your entry.  

 

 

 

[Edited 03/17/2020 | 2:42 PM]

 

1 reply

mglaunerAnswer
June 3, 2019

Type 'farm income' in the Search window, then 'Jump to farm income'.

If you were claiming expenses for your Farm Truck, enter the disposition under the Farm Vehicles topic.

 

If not, you  can add the truck info here, and date you started/stopped using the truck, and related info such as Cost and FMV when you started using it for business. 

 

If you used it for over 7 years, it was fully depreciated and you could enter $0 as Sales Price and Accumulated Depreciation equal to the original cost you entered earlier. 

 

To delete the sale from 'Sale of Business Property', type 'sale of business property' in the Search window, then 'Jump to sale of business property'.

 

Leave only the first box checked, and on the next screen you can Delete your entry.  

 

 

 

[Edited 03/17/2020 | 2:42 PM]