Fixed Asset disposal

[Countingcat]

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?

[ThomasM125]

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.

[Countingcat]

Thank you.