mgmorris
Level 3
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@CarlSo if it is distributed to one of the partners, then it is supposed to be a loss to the business?
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After taking into account a refund that was issued, it looks like the costs of the asset was about $800 less that what was listed in our books. We only used MAC...
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@PatriciaVI run into the same problem recording it as a sale.My net income increases by the amount of total prior years depreciation. Am I not supposed to enter...
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@PatriciaVI am having a bit of trouble converting the asset in TurboTax.Am I supposed delete the asset from TurboTax asset summary or just mark it as disposed?I...
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If the vehicle has been converted to persona use, is the depreciation recapture something that has to be done by the business on the business returns? Or is tha...
Activity Feed for mgmorris
- Cheered Re: K1 Partnership Statement Box 20 Code E for DavidD66. March 15, 2023 6:38 AM
- Posted K1 Partnership Statement Box 20 Code E on Deductions & credits. March 14, 2023 8:05 PM
- Cheered Re: Is Sale of Home Based on Refinanced Loan or Original Loan? for MonikaK1. March 13, 2023 10:42 AM
- Posted Is Sale of Home Based on Refinanced Loan or Original Loan? on Deductions & credits. March 13, 2023 9:39 AM
- Cheered Re: There Is No Option to Convert Business Asset to Personal Use? for PatriciaV. March 8, 2023 10:25 AM
- Posted Re: There Is No Option to Convert Business Asset to Personal Use? on Deductions & credits. March 5, 2023 7:14 AM
- Cheered Re: Adjusting Purchase Price of Business Asset for ThomasM125. March 5, 2023 7:12 AM
- Posted There Is No Option to Convert Business Asset to Personal Use? on Deductions & credits. March 4, 2023 5:12 PM
- Posted Re: Adjusting Purchase Price of Business Asset on Deductions & credits. March 3, 2023 10:25 AM
- Cheered Re: Is There Depreciation Expense for an Asset if it was Disposed on Jan 1st of same year? for DianeW777. March 3, 2023 10:00 AM
- Posted Is There Depreciation Expense for an Asset if it was Disposed on Jan 1st of same year? on Deductions & credits. March 3, 2023 8:22 AM
- Posted Adjusting Purchase Price of Business Asset on Deductions & credits. March 3, 2023 6:39 AM
- Posted Re: How to convert vehicle from business use to personal - Only Used MACRS depreciation on Deductions & credits. March 2, 2023 10:36 AM
- Cheered Re: How to convert vehicle from business use to personal - Only Used MACRS depreciation for PatriciaV. March 1, 2023 1:04 PM
- Posted Re: How to convert vehicle from business use to personal - Only Used MACRS depreciation on Deductions & credits. March 1, 2023 1:03 PM
- Posted Re: Must I pay recapture of Sec. 179 on a vehicle (100% bs on Sch C) when I retire after 5 yrs even if vehicle is fully depreciated? If I keep for personal after I retire? on Deductions & credits. March 1, 2023 10:58 AM
- Posted Re: How to convert vehicle from business use to personal - Only Used MACRS depreciation on Deductions & credits. March 1, 2023 10:42 AM
- Cheered Re: How to convert vehicle from business use to personal - Only Used MACRS depreciation for PatriciaV. March 1, 2023 10:42 AM
- Posted How to convert vehicle from business use to personal - Only Used MACRS depreciation on Deductions & credits. February 26, 2023 7:07 PM
- Posted Re: Cannot Find Projected Depreciation Report on Business & farm. February 22, 2022 5:08 AM