How do I show gain on sale of assets?

[Khari64]

In 2021 I sold my business via an asset sale.  I have used Turbo Tax for years so I have an impressive list of fully depreciated equipment that is carried forward every year, as well as, about 10 more items that are not fully depreciated.  Do I have to go through each piece of equipment and mark it paid, and then allocate a portion of the sale price to that individual piece of equipment, or is there a way to do this as an aggregate?  Also which tax form will this information end up on?

[AmeliesUncle]

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@Khari64 wrote:

 Do I have to go through each piece of equipment and mark it paid, and then allocate a portion of the sale price to that individual piece of equipment, 

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Yes.

It will show up on form 4797,

[Rick19744]

Additionally, the buyer and seller should have completed a form 8594.  This form is then included with your return.

You would use this as a beginning point in allocating your sales price to the assets sold.

By way of simple example; If you had $100,000 of the sales price allocated to Class V assets, you would use this amount and allocate the $100,000 to all the Class V assets you have been depreciating.  I would recommend allocating the $100,000 based on original cost.  You will have to then use this allocated amount in TT for each asset.