How do I declare the sale of depreciated assets on a business already closed over a year ago?

[gilpringle]

I have a justification why it was not done within a year. I want to use capital gain tax rate.

[Leonard · Accepted solution]

You will report the sale of business property that you still own, even if it is a year after the closing of the business, on Form 4797 Sales of Business Property.

Profit from the sale of business assets are taxed at the capital gain rate.