Level 11
02-14-2023
09:21 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@REEDER if the property was sold you have to dispose Of the asset using the asset disposition section of the asset worksheet. The correct depreciation will be calculated and transferred to f4797 sale of business property where the transaction is recorded as Lisa and Bill said.
If you want to suspend depreciation because an asset has been taken out of service but not disposed of you use the method described earlier so that you can maintain a history of the asset basis in PS.
If at first you don’t succeed…..find a workaround