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Employee
January 15, 2023
Question

I dissolved my photography business (no employees). Do I need to recapture 179 deduction for any equipment bought recently and if so where do I report that on Turbo Tax?

  • January 15, 2023
  • 1 reply
  • 0 views
Equipment was items like camera, monitor, Ipad.

1 reply

Employee
January 15, 2023
MB86Author
Employee
January 15, 2023

If I report the sell of an asset (which I just did) will Turbo Tax calculate this for me?  If not where in Turbo Tax do I do this?

Employee
January 15, 2023

If you sold the property, enter the transaction in the Sale of Business Property section.

 

You will have to adjust your cost basis by the Section 179 deduction taken.