topic Have grouping of assets in TurboTax.Took 179 depre.Sold one machine of the group for cost.How do I remove the one machine and leave the others in my asset worksheet? in Get your taxes done using TurboTax

Have grouping of assets in TurboTax.Took 179 depre.Sold one machine of the group for cost.How do I remove the one machine and leave the others in my asset worksheet?

gwenhold — Tue, 04 Jun 2019 20:42:33 GMT

When I initially entered the item into Asset Entry Worksheet two years ago, I grouped the machines together as that is how they were purchased. I have sold one of the machines for cost. I took 179 depre on the entire group. I know I will need to recover the 179 depre. But how do I get just one machine out of the group from the Asset Entry Worksheet?

Example; 1. Hydraulic Press---------$1,000 2. Metal Brake...

Cattlerancher — Tue, 04 Jun 2019 20:42:39 GMT

Example;

1. Hydraulic Press---------$1,000

2. Metal Brake--------------$1,400

3. Engine Hoist-------------$1,200

Total asset cost $3,600

If you sold just one piece of equipment out of the three you will need to reduce your "Total asset cost" by the cost basis of the one piece of equipment sold. You can average the cost basis of the three if you don't have the original cost basis of each.

You sell the 3. Engine Hoist by "Editing" this group asset purchase of three down to two assets. Reduce your total cost by $1200. Then re-enter the Engine Hoist asset as one individual asset with a cost of $1200 and report the sale by "Editing" the individual asset.

Below is a page snip of a farm asset summary. Yours is schedule C but you can see the "Edit" tab here in your Asset Summary.

Thanks so very much for the help. This makes total sense...

gwenhold — Tue, 04 Jun 2019 20:42:41 GMT

Thanks so very much for the help. This makes total sense. I'm not going to group things in the future to save me headaches : ). Take care.

We use to buy and depreciate a group of brood cows this w...

Cattlerancher — Tue, 04 Jun 2019 20:42:42 GMT

We use to buy and depreciate a group of brood cows this way in our farm. It works but like you implied, it's a bit of a hassle.

Thanks again - Have a great day. You are my hero of my d...

gwenhold — Tue, 04 Jun 2019 20:42:43 GMT

Thanks again - Have a great day. You are my hero of my day : )