topic What to enter for Depreciation for expensed assets with Sale of Business Assets Form 4797 in Business & farm

What to enter for Depreciation for expensed assets with Sale of Business Assets Form 4797

MissyKayK — Thu, 25 Jul 2019 21:29:49 GMT

Self-employed with business website and domain. Stopped working previous year due to disability.

Following year, selling website domain and website content (not entire business).

Filling out form 4797 in turbotax.

I expensed both in previous years -- website & domain as advertising costs.

1) What do I put in the field for "Depreciation taken on this property"? 0??

2) Next question asks if this is property I took a depreciation on. It's not. Very confused what to do here.

3) Figure I can still expense costs to maintain the website like hosting fees. Do these get taken off price of sale or in regular business expenses?

Thanks!

Re: What to enter for Depreciation for expensed assets with Sale of Business Assets Form 4797

Hi Palms — Thu, 25 Jul 2019 23:22:58 GMT

Elect to capitalize the costs to maintain and add to basis.....your depreciation is 0 because these were advertising expenses written off and now your basis in them is also 0 = 100% gain.

Re: What to enter for Depreciation for expensed assets with Sale of Business Assets Form 4797

MissyKayK — Mon, 29 Jul 2019 03:36:23 GMT

Thank you very much!