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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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.
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.
Thank you very much!
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