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docox1
Returning Member

Ending business depreciation

This is the last year of my S Corp and I have some equipment that has not finished depreciating.  What do I do with it.  How do I convert it to personal use?

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5 Replies

Ending business depreciation

In the business info section you will indicate this is the final return ... and then in the asset section you will remove the assets by converting to personal use ... this will stop the depreciation as of the close of business.  Follow the interview screens ... go slow and read all the words. 

docox1
Returning Member

Ending business depreciation

I can't find a convert to personal use on the Turbo tax software ........ where is this and how do I do it.

Ending business depreciation

I don't have the business program but if it follows the personal versions then you will indicate the asset was "sold/retired/stopped using" then follow the screens.  

 

 

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Ending business depreciation

The available selections in the Business program are depicted in the screenshot below.

 

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Ending business depreciation

Other means sounds like you... follow that road.

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