Taxpayer raises cattle and crops and purchased new assets in 2015 that are used for both. Previous tax preparer did a separate Schedule F - one for cattle and another for the Crop. Is there a reason why one should not combine the two on one Schedule F?
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The only reason that I can see is so that he can charge for two Schedule F's versus just for one.Jiggers, EA -
Is one activity in a different state or even just a different taxing district (drainage, for instance) and he needs to be able to separate the profits or expenses for those different purposes? Or due to bank loan reporting purposes on one of the activities? Ask your client why he needs them separated. If he doesn't know, I'd suggest to him that you combine them. Explain the issue with the new asset benefiting both activities.Comment
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All in one area and taxpayer didn't have a clue as to why previous tax preparer separated. Thank you for your responses. Just wanted to make sure there were no reasons that I might be unaware why they couldn't be combined.Originally posted by Lion View PostComment
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No, there is no reason to file two Schedules F.Roland Slugg
"I do what I can."Comment
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