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Showing content with the highest reputation on 06/16/2024 in all areas
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Iowa State has a section dedicated to filling out Schedule F. They give line by line explanations and examples. This is ideal for tax preparation. Much easier than reading the 95 page Pub 225 on farming.1 point
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https://taxschool.illinois.edu/self-study/1 point
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OP asked how the fmv of the equipment is accounted for. If he is unable to repo the equipment the defaulted note is treated as bad debt.1 point
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I use Quicken 10 for several clients who do not have payroll. I have the disk and it just works and works without any problems.1 point
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Assuming the client didn't elect out of installment sale reporting, please see IRS Pub 537 for installment sale reporting where price has been reduced. You will have a recalculation of the gross profit. There is also a section in the pub that deals with repossessions and recalculating those amounts and how to report that portion of the transaction going forward.1 point
