Fully depreciated farm property converted to personal use in 2023 that I may sell in 2024 or later. Unclear if it goes away on the Depreciation Report then how would I report the sale next year.

[kjheim09]

I'm using TurboTax for Home & Business with a fully depreciated farm item which is no longer needed for the business last year, so I removed from business service in 2023.   I am entering the date when removed from service.   I used the Special Handling Required? Yes, You converted the asset to 100% personal use.   I see it is marked as "S" for sold on the Depreciation Report.  Even though it is marked "S" like it will go away on my Depreciated Report it is not showing on the form 4797 like it changed.  When I have reported a sale without Special Handling, they are marked "S" they are no longer on the Depreciated Report for the next year but that is when they go to the form 4797.   Will the item be in TurboTax to report the sale next year?  I was reading this below and trying to make sure I don't do it wrong.

This is what shows on the Special Handling Required for conversion to personal use:

If you sell the asset in the future, you must still report it as the sale of a business asset even though you are now using it for personal purposes. Therefore, you must keep all records of your business use of the asset, and of the amount of depreciation claimed.

[KrisD15]

It will no longer be listed as a business asset and no longer be on your depreciation schedule.

It will not be on Form 4797 because it was not yet sold. 

WHEN YOU DO SELL THE ASSET, you will enter the sale that tax year. This is why the program warns you to keep records since you will at that time report the original basis and the depreciation taken (or should have been taken).

Since it was converted to personal use, you can't claim a loss when you sell it. (although in your case there won't be any)

You WILL claim any Depreciation Recapture and that will be reported as Ordinary Income. 

The program will do the calculations when the sale is reported. 

When sold, the "Adjusted Basis" is used. The adjusted basis is the cost plus improvements less depreciation. 

Since you say it was fully depreciated, whatever amount you sell it for will be ordinary income.