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What to enter for Depreciation for expensed assets with Sale of Business Assets Form 4797

Self-employed with business website and domain. Stopped working previous year due to disability. 

Following year, selling website domain and website content (not entire business). 

Filling out form 4797 in turbotax.

I expensed both in previous years -- website & domain as advertising costs.

  1) What do I put in the field for "Depreciation taken on this property"?  0??

 

2) Next question asks if this is property I took a depreciation on. It's not. Very confused what to do here.

 

3) Figure I can still expense costs to maintain the website like hosting fees. Do these get taken off price of sale or in regular business expenses?

 

Thanks!

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Accepted Solutions

What to enter for Depreciation for expensed assets with Sale of Business Assets Form 4797

Elect to capitalize the costs to maintain and add to basis.....your depreciation is 0 because these were advertising expenses written off and now your basis in them is also 0 = 100% gain.

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2 Replies

What to enter for Depreciation for expensed assets with Sale of Business Assets Form 4797

Elect to capitalize the costs to maintain and add to basis.....your depreciation is 0 because these were advertising expenses written off and now your basis in them is also 0 = 100% gain.

What to enter for Depreciation for expensed assets with Sale of Business Assets Form 4797

Thank you very much!

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