Yes, you can. When going through the Donations to Charity section, you will be able to select that you are donating business equipment and will be asked for the method that you used to determine the value. You can choose the best option that describes your choice (comparative sales is the closest to FMV).
Yes, you can. When going through the Donations to Charity section, you will be able to select that you are donating business equipment and will be asked for the method that you used to determine the value. You can choose the best option that describes your choice (comparative sales is the closest to FMV).
Thanks. What should be entered in the "Depreciation value" box?
You have to look up your old income tax returns and enter the amount of depreciation actually taken for each item donated.
Don't have it handy. Called my accountant then and was told some were fully depreciated and some about 50-75%. what if I put "0" and report as income for 2017 as if I sold items instead of donating ?