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Business & farm
Thank you for the quick reply. Your suggestion did the trick. Since I had answered the general TurboTax question about when I closed my business in 2021, I had assumed that TurboTax would stop depreciation all business assets as of that date. As you suggested, I still have to "retire" each asset separately to get the partial year depreciation for each. I suppose that gives flexibility in the event someone were to close down their business "incrementally" over the course of a year, i.e. "retire" assets on different dates throughout the year. I will be selling the office condo itself this year, and as you suggested, will need to recapture related depreciation as income (to the extent that I have a gain) when I file my 2022 return next year. Thanks again.