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In Turbo Tax I checked that this would be my last tax filing as the business is closed. Turbo Tax wants to report the disposal of the assets but I haven't yet disposed of them as I am trying to sell the building and equipment. How do I handle it.
Also, how is the remaining not yet depreciated value of the assets handled?
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You will need to change and and not indicate that this is your last tax return. You will file your final tax return after you dispose of the assets. The not yet depreciated value of the assets (your book value) is your basis in the assets. It will be used to calculate a gain or loss on the disposal of the assets.
You will need to change and and not indicate that this is your last tax return. You will file your final tax return after you dispose of the assets. The not yet depreciated value of the assets (your book value) is your basis in the assets. It will be used to calculate a gain or loss on the disposal of the assets.
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