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Level 4
posted Feb 15, 2024 5:33:44 PM

Fixed Asset disposal

I took a full 179 deduction on a fixed asset in 2021. The item no longer works and has been retired. Is there any special treatment since it has not yet reached its useful life?

0 2 2027
2 Replies
Expert Alumni
Feb 15, 2024 5:58:13 PM

No, since you didn't sell it or convert it to personal use, you don't need to recapture any depreciation or factor it into a gain on property sold. You can remove it from your TurboTax program by indicating it has been retired. Enter $0 for the sale proceeds. You do this by editing your business and going to the depreciation and assets section. Edit the asset and indicate that it has been retired.

Level 4
Feb 16, 2024 3:48:20 AM

Thank you.