Do I need to enter each asset separately and what is the Expense of sale?
My supplemental information looks like this:
Box 20, Code L
Disposition of Assets With Prior Section 179 Expense (5) total
Asset Description............................................................Truck
Tay Year (s) Passed through............................................ 2010
Date Acquired.................................................................. 11/01/2010
Date Sold........................................................................... 6/26/2024
Sale Price........................................................................... 12,195.
Cost or other basis plus expense of sale....................... 1,538.
Depreciation allowed or allowable................................ 0.
Section 179 expense deduction previously reported.. 1,538.
Turbo Tax then asks about the Section 179 Sale:
Were there any installment sales reported on Box 20, Code L of your K-1? If I choose no Turbo Tax then asks: Where there any complete dispositions reported on box 20, code L of your K-1?
If I choose yes then Turbo Tax asks enter disposition date, purchase date and sale date the next page asks for purchase price, sale price and expense of sale, the next page asks for depreciation and depreciation AMT and the final page asks for Sectin 179 Expense and Section 179 Disallowed.
I am not sure what in my supplemental goes into these boxes. Please help!
