Selling depreciated equipment

[Vanche]

Turbotax 2024 Home and Business - business portion.  I sold a piece of equipment that was fully depreciated that bought for $176 and sold for $150. The program asked me if I wanted to expense it because of its small value and I chose yes.  Now it is no longer on my equipment list.  I checked all the forms to see if the $150 was added anywhere and it was not.  Do I need to do something with the $150 gain?  Show it as income?  If so, where and in what category?

[DavidD66 · Accepted solution]

You expensed it, as opposed to capitalizing (setting up as an asset), so you don't have an asset on the books to dispose of.  It is only $150, so I would just include that amount with your other business income.  

[Vanche]

Thanks so much!