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October 2, 2024
Question

Can our LLC still take depreciation expense if the equipment was thrown away due to water and rodent damage while in storage? No insurance and no warranty.

  • October 2, 2024
  • 1 reply
  • 0 views
Equipment was dumped in 2021.  Can we continue the 7 year depreciation in 2022 and 2023 and 2024 and 2025?  The 7th year would be 2025.

1 reply

A
Anonymous_
Employee
October 2, 2024
No text available
A
advertisingvideoAuthor
October 2, 2024

The disposition happened in 2021 but the LLC never entered it as a disposition of $0 (didn't know).  And the LLC never reported an ordinary loss on form 4797 (didn't know).

 

1) how can the LLC fix that?

 

2) can the LLC still continue depreciating those assets that were disposed of in 2021?

 

Thank you so much "TagTeam"

A
Anonymous_
Employee
October 2, 2024
No text available
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