Turbotax 2024 Home and Business - business portion. I sold a piece of equipment that was fully depreciated that bought for $176 and sold for $150. The program asked me if I wanted to expense it because of its small value and I chose yes. Now it is no longer on my equipment list. I checked all the forms to see if the $150 was added anywhere and it was not. Do I need to do something with the $150 gain? Show it as income? If so, where and in what category?
You expensed it, as opposed to capitalizing (setting up as an asset), so you don't have an asset on the books to dispose of. It is only $150, so I would just include that amount with your other business income.
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