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How to report bulk sale of business assets for $N on assets which have been fully depreciated or expensed? None is real estate.
Started business in 2008. Expensed or depreciated all assets. The purchase agreement shows buyers paid $N for $N assets.
Was able to find the 8797 form but cannot make entries. I'm on an iMac/Safari.
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How to report bulk sale of business assets for $N on assets which have been fully depreciated or expensed? None is real estate.
The best way to report this sale is to enter the asset/s into your TurboTax Business section. While entering these assets, click the box that reports "you sold or otherwise disposed of this asset in 2016". Then it will ask for date of sale. Next will ask for prior depreciation taken and sale price. Once you have entered this information, TurboTax will automatically report the income gain/loss on the correct forms. (Generally form 4797) Hope that helps~~~
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How to report bulk sale of business assets for $N on assets which have been fully depreciated or expensed? None is real estate.
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How to report bulk sale of business assets for $N on assets which have been fully depreciated or expensed? None is real estate.
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How to report bulk sale of business assets for $N on assets which have been fully depreciated or expensed? None is real estate.
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How to report bulk sale of business assets for $N on assets which have been fully depreciated or expensed? None is real estate.
The best way to report this sale is to enter the asset/s into your TurboTax Business section. While entering these assets, click the box that reports "you sold or otherwise disposed of this asset in 2016". Then it will ask for date of sale. Next will ask for prior depreciation taken and sale price. Once you have entered this information, TurboTax will automatically report the income gain/loss on the correct forms. (Generally form 4797) Hope that helps~~~
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How to report bulk sale of business assets for $N on assets which have been fully depreciated or expensed? None is real estate.
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