topic Selling depreciated equipment in Get your taxes done using TurboTax

Selling depreciated equipment

Vanche — Mon, 17 Feb 2025 18:52:33 GMT

Turbotax 2024 Home and Business - business portion. I sold a piece of equipment that was fully depreciated that bought for $176 and sold for $150. The program asked me if I wanted to expense it because of its small value and I chose yes. Now it is no longer on my equipment list. I checked all the forms to see if the $150 was added anywhere and it was not. Do I need to do something with the $150 gain? Show it as income? If so, where and in what category?

Re: Selling depreciated equipment

DavidD66 — Tue, 18 Feb 2025 15:06:30 GMT

You expensed it, as opposed to capitalizing (setting up as an asset), so you don't have an asset on the books to dispose of. It is only $150, so I would just include that amount with your other business income.

Re: Selling depreciated equipment

Vanche — Wed, 19 Feb 2025 02:48:39 GMT

Thanks so much!