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Business & farm
If you never depreciated the office property then you can list it as a sale of office equipment valued at $5000 for $5000. It will be a wash.
To enter this in TurboTax go into your schedule C and click on assets and depreciation and then follow the steps there entering zero for prior depreciation and section 179 deduction. In the end there will be no gain or loss on the sale.
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‎February 21, 2025
7:46 AM