179 Recapture of listed property

[nrbaker]

I removed a business asset from service when closing a business down.  When I fill out the proper interview questions and calculate the recapture owed it does not populate this to any form and does not make it clear where to put the owed "income".   How do I properly manage this with turbotax?   

[DianeW777]

It depends.  This income will flow to the business schedule (Schedule C) because it is subject to self employment tax (social security and medicare tax) assuming you have an overall profit.  The Section 179 recapture should be listed as “other income” on the same form or schedule on which you took the deduction.

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