Example;
1. Hydraulic Press---------$1,000
2. Metal Brake--------------$1,400
3. Engine Hoist-------------$1,200
Total asset cost $3,600
If you sold just one piece of equipment out of the three you will need to reduce your "Total asset cost" by the cost basis of the one piece of equipment sold. You can average the cost basis of the three if you don't have the original cost basis of each.
You sell the 3. Engine Hoist by "Editing" this group asset purchase of three down to two assets. Reduce your total cost by $1200. Then re-enter the Engine Hoist asset as one individual asset with a cost of $1200 and report the sale by "Editing" the individual asset.
Below is a page snip of a farm asset summary. Yours is schedule C but you can see the "Edit" tab here in your Asset Summary.
