JUST WONDERING IF I DEPRECIATE ANYTHING AT ALL SINCE EVERYTHING WAS SOLD AT THE CLOSING OF THE BUSINESS. IF NOT, THEN WHERE DO I APPLY THAT LOSS AS EVERYTHING WAS SOLD OFF FOR LESS THEN ITS VALUE...
You'll need to sign in or create an account to connect with an expert.
Ok ... you will have depreciation for the time you did own the assets and then you will sell off all the assets and the losses (& depreciation recapture if any) will show on the form 4797 ... just follow the program interview step by step.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
aE
Level 3
tracy_roberts
New Member
ScottM4400
Level 1
dimasresendez
Returning Member
Karen B2
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.