We started a business in 1999, purchased equipment in 2001 with a personal guarantee to the bank on the loan for the business. The business went under in less than a year later and defaulted on the loan repayment. We personally paid off the equipment loan, took possession of the equipment and immediately put it into storage where it has remained for 20 years. It was never depreciated through the business nor on our personal taxes. We sold the equipment in October and November of last year to a broker and realized a net profit of $5978. We have looked at form 4797 as well as Schedule C, line 8z but are confused as to where to enter the net profit from the sale.
