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.
I don't have a full answer for you because I'm rather tired, but I'll trying pointing you in the right direction.
Section 179 and sales involving Section 179 aren't reported directly on the Business return. It "passes through" via the K-1, so the sale and it's gain/loss will end up showing on the 1040, not the business return.
As a side note, the numbers you showed don't seem to include regular depreciation (or Bonus depreciation, if you didn't elect out of that).