How do I list the sale of a musical instrument that has been depreciated? I sold it for $11,500. I bought it for $12,900. I think it has been fully depreciated.

[kharts]

I bought the harp in 2009 for $12,900.  My depreciation schedule says CUR. 179/SDA is $12,900.  Does that mean I fully depreciated it?  So how do I list the sale of the harp for $11,500?  Is that a loss?  Or if it is depreciated, does that mean it's a gain?  Help!!  

[DDollar · Accepted solution]

It sounds like fully depreciated the instrument, which means that it has an adjusted basis of zero, and you have a capital gain of $11,500.  You report the sale as a disposition of a business asset.  To do so, from your Business section of TurboTax, click on "Edit" next to Assets. From you Business Asset Summary page, click Edit next to the asset you sold.  TurobTax will ask you: "Did You Stop Using This Asset in 2018?", answer Yes, and then input the details of your sale.  TurboTax will calculate any gain or loss you incurred.