I have assets from previous tax years that show up on my current asset list. This makes sense to me for the assets that i'm depreciating the value over time. However, If they are assets that i took the full section 179 deduction, can i simply delete them from the list? Or should i still keep them there? If so, I'm curious to know what is the benefit of keeping them on the list? Thank you.
You should keep them on the list until they would have been fully depreciated if you had chosen to depreciate them instead of use the Section 179 deduction.
In the event that an asset is taken out of service before the time it would have been fully depreciated, recapture of Section 179 may apply.
Take a look at the following TurboTax help article to learn more:
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