Question
179 Calculation (Possible error)
I sold an asset that I had formerly taken the 179 election.
The Turbotax questionaire properly reflected the Project Gain.
Date Acquired 03/04/24
Date Sold 03/15/25
Gross sale price $535
Original Cost $750
Section 179 deduction $600
Projected Gain $385 <<< This is correct.
On the Federal Asset Entry Worksheet it is showing I took a loss of $65.
On the other hand, the Schedule M-1 worksheet is picking up the sale price, not the Projected Gain.
These two errors are throwing off my income statement, retained earnings and everything else downstream.
Thanks for any insight.
