TurboTax will calculate the income associated with the retirement of the asset and report it on your tax return. You need to visit the business section in TurboTax, update the Business and Expenses, edit your business and then your Business Assets.
You will see a screen that says Tell Us More About This Asset/Large Purchase. You need to check the option that says The item was sold, stolen, disposed of, etc... Once you do that you will be asked to enter the Sales price for the asset, to which you will enter $0. That will result in the asset being removed and the associated income or loss reported on your tax return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
