barosser Posted March 18, 2008 Report Share Posted March 18, 2008 TP has no W2 wages but 60000.00 in 1099R and SS. His Sch f loss is being limited to farm income and disallowed depreciation ($15021)being carried over to next year. The depreciation lowers as I put expenses in. Could I have somthing checked wrong? Quote Link to comment Share on other sites More sharing options...
mdmcfarland Posted March 18, 2008 Report Share Posted March 18, 2008 Are you using section 179 on any of the assets on depreciation? You cannot cause a loss with section 179 property. You have to use standard depreciation only and then the loss is not limited by the farm income. Quote Link to comment Share on other sites More sharing options...
lydia33 Posted March 18, 2008 Report Share Posted March 18, 2008 Do you have materially participates marked yes? Quote Link to comment Share on other sites More sharing options...
barosser Posted March 18, 2008 Author Report Share Posted March 18, 2008 Yes I have materiall participated checked, I did take 179 on a small piece of equip. I will take that off and see if that makes a difference. Wouldnt think so, I would understand that the 345.00 179 expense would carryover but not the regular depreciation. thanks for the comments Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 18, 2008 Report Share Posted March 18, 2008 TP has no W2 wages but 60000.00 in 1099R and SS. His Sch f loss is being limited to farm income and disallowed depreciation ($15021)being carried over to next year. The depreciation lowers as I put expenses in. Could I have somthing checked wrong? Any chance you accidentily checked the box at the bottom for at-risk limit? Quote Link to comment Share on other sites More sharing options...
barosser Posted March 18, 2008 Author Report Share Posted March 18, 2008 Okay.. Materially Participate is checked yes, there is no 179 expense, and box 37a is not checked. The box will not let me put a x in the at risk box? He is a cash TP. If I change the box to accrual the it carries a loss to the 1040 line 18???? Quote Link to comment Share on other sites More sharing options...
zeke Posted March 18, 2008 Report Share Posted March 18, 2008 1. print "F" 2. delete "F" 3. update program & "F" 4. restore "F" to return. 5. input data again. 5. cross your fingers.... Quote Link to comment Share on other sites More sharing options...
barosser Posted March 18, 2008 Author Report Share Posted March 18, 2008 Thats what I was thinking but not wanting to do... thanks again for the guidance Quote Link to comment Share on other sites More sharing options...
barosser Posted March 18, 2008 Author Report Share Posted March 18, 2008 Thats what I was thinking but not wanting to do... thanks again for the guidance Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.