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Jules5080
Returning Member

Asset Sale with Bus use of 51% Is there an error in Turbo Tax

I disposed of an asset that had 51% business use. 

Cost of the Asset $9500

DPIS 12/31/2020

Sec 179 $4845 (51% of the cost)

Asset was sold for $9200 12/15/2023.

I am baffled that the Ordinary Inc from recapture is $4845 and the Long term gain is $4304. > I can understand the recapture but why the long term gain if the bus use is 51% - is there an error in Turbo Tax?

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1 Reply
Jules5080
Returning Member

Asset Sale with Bus use of 51% Is there an error in Turbo Tax

WHEW.... I figured it out - I had entered the total proceeds - not the business use like TT asked for.

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