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Deductions & credits
It will no longer be listed as a business asset and no longer be on your depreciation schedule.
It will not be on Form 4797 because it was not yet sold.
WHEN YOU DO SELL THE ASSET, you will enter the sale that tax year. This is why the program warns you to keep records since you will at that time report the original basis and the depreciation taken (or should have been taken).
Since it was converted to personal use, you can't claim a loss when you sell it. (although in your case there won't be any)
You WILL claim any Depreciation Recapture and that will be reported as Ordinary Income.
The program will do the calculations when the sale is reported.
When sold, the "Adjusted Basis" is used. The adjusted basis is the cost plus improvements less depreciation.
Since you say it was fully depreciated, whatever amount you sell it for will be ordinary income.
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