Reporting Section 179 Sales / Dispositions

[JayDHennessy]

My wife and I are 50 partners in our LLC.  We each receive our K-1.  We ceased business last year and sold off or otherwise disposed of assets.  There are two pages of Sect 179 Assets on our K-1 schedules.  Is it feasible to enter totals and refer to the schedule?  The total amount of gain does not affect our loss / tax liability.  Do I need to enter each asset, wiith date purchased/sold?  They were purchased in multiple years and sold on different dates.  All were previously claimed Sect 179 expense and no expense was disallowed.  Do I need to do this busy work?  It will require the entry of each item twice, one for my wife and one for me.

[ThomasM125]

You can summarize the disposition of the assets on which section 179 depreciation was claimed. You would only need to report their disposition if you had section 179 depreciation that needed to be recaptured. In other words, you deducted depreciation on them under section 179 but they were taken out of service before their normal useful life expired.

[JayDHennessy]

How do I determine the normal life?

[PatriciaV]

The Depreciation Report included with your tax documents should include the "life" for each asset. See the example below of the report produced by TurboTax. A similar document should be part of the LLC's tax return.