taxu2
Level 4
12-06-2019
04:26 PM
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Client is selling farm equipment in installments. Was wondering how I report this. And what do I put under dispositions in assets? Any help would be greatly appreciated. Thank you!
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IRonMaN
Level 15
12-06-2019
04:26 PM
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Yes, use the dispositions section and click on the 6252 box. However, depending on how much depreciation was taken, the whole gain may end up stuck in 2017 because of depreciation recapture.
Slava Ukraini!
Just-Lisa-Now-
Level 15
12-06-2019
04:26 PM
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Just in case you cant find the disposition area...scroll down several screen lengths in the asset entry worksheet of the equipt that was sold.
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
taxu2
Level 4
12-06-2019
04:26 PM
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Thanks a bunch!
IRonMaN
Level 15
12-06-2019
04:26 PM
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You betcha!
Slava Ukraini!
Slava Ukraini!
taxu2
Level 4
12-06-2019
04:26 PM
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Turns out they are taking a loss, so they can't take the installment sale option. So, even though they are accepting payment over 5 years, would I just include the total sales price this year and none the reminder of the 4 years?
IRonMaN
Level 15
12-06-2019
04:26 PM
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Yes. But remember to pick up the interest each year.
Slava Ukraini!
Slava Ukraini!
taxu2
Level 4
12-06-2019
04:26 PM
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Okay, thanks!
IRonMaN
Level 15
12-06-2019
04:26 PM
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:+1:
Slava Ukraini!
Slava Ukraini!