Farm Sale
My husband & I sold our 5 acre farm and principal residence as of April 30, 2010. In 2010, we had no income from sales, but we received a little money from crop insurance. Our expenses exceeded income. We were in the middle of a replant, but abandoned the project with the sale. What is the process to report that we are no longer farming and no longer possess the farm.
What is the reporting procedure for capital cost allowance for the quarter that we farmed although all equipment, etc were included with the farm sale. The farm truck, however, we decided to keep.
So, how do I treat reporting for the first quarter of 2010.
My husband & I have been retired for 6 years but have continued to farm. Thanks for some direction. We are Canadians.