Question

What am I missing to show disposition of assets and closed business?

Forum|Forum|6 years ago
February 11, 2020
1 reply
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I show no income and no expenses as of 01/01/2019 but program shows depreciation

TurboTax Online

If you are disposing of the assets as of January 1, 2019 then the program is going to calculate some depreciation. Many assets use a mid-month convention, so if the sale/disposition date is 1-1-2019, the program is going to calculate half a month's depreciation. And even if it calculates as of January 1, it's going to calculate one days depreciation expense. You can use whatever depreciation expense was calculated, along with any losses on the disposition of assets, to offset other income on your tax return.

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