Self employed

@pakikiheiya 

 

No, you don't have to report it anywhere on your tax return.  There is no tax effect on the disposition since there is no transaction of receiving anything of value on the disposition.

 

All you really have to do if you are just disposing of it (junking it?), is remove it from your depreciation schedule and/or balance sheet.

As long as your received nothing of value, there is no taxable transaction.

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

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