Convert asset to personal use

[Redneck]

Client has a tractor on a farm. Sold farm. Reported sale of farm. How would you report the tractor that was converted to personal use not sold. Or would it be reported at all. Thanks Red

[ChEAr$]

Client has a tractor on a farm. Sold farm. Reported sale of farm. How would you report the tractor that was converted to personal use not sold. Or would it be reported at all. Thanks Red

Nothing to report unless or until tractor is sold. Then gain if sale price more than adjusted basis, but no loss since it's now a personal asset.

[JON]

Corporation is different

I agree with above if asset is not in a corporate business entity. If in a coproation nothing comes out at less than FMV to a stockholder.

[veritas]

Was Sec 179 taken?

Could have recapture if it was taken.

[Redneck]

Thanks

Thanks you guys a big help.