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AL12000
March 18, 2023
Question

ASSET LOSS ENTRY

  • March 18, 2023
  • 1 reply
  • 0 views

I have a pass thru corporation that had a 7 year fixed asset that I disposed 

of after 3 years. The asset was listed as other business property and had to

be left behind when a branch office was closed. How do I enter the remaining value of the item as a loss on my return? I used straight line depreciation. 

    1 reply

    M
    Mike9241
    March 18, 2023

    go into the asset listing and indicate it was sold for zero, however, you messed up. if you use straight-line you're using the ADS systems (Tutbotax doesn't handle this well) and then the depreciable life of 7 years for MACRS becomes 10 years for ADS. At this point ignore the overdetection. 

     

     

    A
    AL12000Author
    March 22, 2023

    Thanks, I was using MACRS thankfully and was able to resolve my issue in the way suggested.

    I appreciate your input. 

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