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Being honest
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<blockquote data-quote="Jeanne - Simme Valley" data-source="post: 1607643" data-attributes="member: 968"><p>When you buy a farm item, you choose on each item whether you are going to expense the whole cost that year, or part of it and depreciate the rest, or depreciate each year based on full cost. You do that with ASSETS, not costs like fuel, fertilizer, etc.</p><p>If you bought something for $10,000 and you depreciated for a few years then sell it, you take the orig cost, less the depreciated amount, then figure out loss or profit. </p><p>$10,000 - $4,000 depreciation = $6,000. </p><p>Sold for $7,000, you have to claim a $1000 income. </p><p>If you sold it for $4,000, then you would have a $2000 expense/loss.</p></blockquote><p></p>
[QUOTE="Jeanne - Simme Valley, post: 1607643, member: 968"] When you buy a farm item, you choose on each item whether you are going to expense the whole cost that year, or part of it and depreciate the rest, or depreciate each year based on full cost. You do that with ASSETS, not costs like fuel, fertilizer, etc. If you bought something for $10,000 and you depreciated for a few years then sell it, you take the orig cost, less the depreciated amount, then figure out loss or profit. $10,000 - $4,000 depreciation = $6,000. Sold for $7,000, you have to claim a $1000 income. If you sold it for $4,000, then you would have a $2000 expense/loss. [/QUOTE]
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