How do i remove fully depreciated and disposed of assets from schedule c forms

[bjrohn]

My old computer crashed and the information from last year was not available. on my assets for depreciation do I need to say what I have gotten rid of?  I used section 179 for everything that was listed on the old form.

[lisamarie4]

what is the answer!!!!!!

[Cattlerancher]

Please see my updated my answer below for better clarification.

[Cattlerancher · Accepted solution]

Updated 4/10/17

Using your last years depreciation report you can re-enter all of your business assets whether fully depreciated or not. You are required to maintain this Business Asset Summary list until you report how they were disposed of---so don't just delete the asset because it is fully depreciated. You may still be liable for recaptured depreciation when you dispose of the asset from your business. You report how you disposed of all business assets (in the year they were disposed of) by Editing each asset in your Business Asset Summary list in TurboTax as sold, converted to personal use, etc.

[Darion]

Editing assets in my Business Asset Summary does NOT present the option of listing the asset as sold, converted to personal use, etc. in TurboTax Business 2018, so how would I accomplish this now?

[Anonymous_]

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@Darion wrote:

Editing assets in my Business Asset Summary does NOT present the option of listing the asset as sold, converted to personal use, etc. in TurboTax Business 2018, so how would I accomplish this now?

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Are you actually using TurboTax Business and not Home & Business. If you are using the latter, you need to choose Edit and then go through the screens until you get to the page shown below, where you will check the box indicating you disposed of the asset. 

[Darion]

I am using TurboTax Business 2018.  I can click "edit" and cycle through a number of screens, 

Tell Us About This Asset

Describe This Asset

Tell Us A Little More

How Much Did This Asset Cost

Enter State Prior Depreciation

Your Asset Summary

but I never get a screen that looks like the image you posted.

The items I wish to dispose of have already been depreciated to zero.  Can I just delete them?

[Anonymous_]

You should be clicking the "Select" button that appears in the screen below. You will then see a screen that asks why you stopped using the asset.

[Anonymous_]

Note the first screen in TurboTax Business that inquires as to whether you disposed of any assets.

[Darion]

Thank you, that did it.

[Carl]

WOrk through the asset and select the option to indicate it was "sold or otherwise disposed of in 2018". When you get to the "special handling required?" screen, read it so you will understand why I am telling you to click "YES". Then click YES.  Now you will ***NOT**** be asked for sales information since you did not sell it.  Do note that you *WILL* ******NOT***** delete this asset from your 2018 return. Otherwise, the IRS will not know your disposition of the asset. If it gets imported to your 2019 return, you can delete it from the 2019 return.

If reported correctly on the 2018 return, then it should not be imported into the 2019 return.

[Anonymous_]

The OP is using TurboTax Business so those instructions are inapplicable.

[robert-heynen]

I have placed a lot of software in my assets and the application is running incredibly slow at this point.

Is there a way to mitigate this issue?  Deleting is not an option as you discussed.

[tatou1]

Darion

I am dealing with the same situation and it is not fun at all. I had three fully depreciated item that are no longer on my depreciation and amortization Report. Since I have to show that those assets were sold with the house, I had to go through my old records to find the info, then I enter them manually under add an asset. There you have to enter the info for each asset until you're  done. I am still working on the sale so  I do not know if it is going to work out.  For my situation I  think that since the items were in a five years depreciation schedule TT just took them off the list of assets after they were fully depreciated . According to the info I read in this community they still have to be reported as sold, thus they need to be put back on the list. Real nightmare ! Good Luck