I have remaining depreciation on assets, rental sold. How is that dispose and how is remaining depreciation is file
You'll need to sign in or create an account to connect with an expert.
I'm not sure I understand your question.
When you sell business or rental assets, you may need to recapture depreciation.
If the asset was not fully depreciated, that would just mean the adjusted basis would not be adjusted for the unclaimed depreciation.
For example, lets say you had a rental and added a stove. The stove cost $600 and was depreciated $200. That would leave an "adjusted basis" of $400.
You sell the stove for 500, you would have 100 depreciation recapture. The remaining 400 depreciation does not matter since you used the 400 as the basis.
If you sell the building with the stove included, you would allocate part of the sales proceeds to the stove and the rest to the other assets, the building and the land.
The easiest way would be to allocate 400 to the stove so you would just zero-out that asset and deal with Depreciation Recapture and Capital Gain (if any) on the sale of the building and land.
If this is not what you are asking, please continue the question.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
nomad
Level 1
fucndfsdsfddfdf
Returning Member
smlucio
Level 1
knownoise
Returning Member
obeteta
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.