HOPE2
Level 9
06-23-2024
06:58 PM
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Hi everyone,
Client stopped using their home office, so depreciation should be stopped. However, he is still working as self-employed and will receive a 1099-NEC and file Schedule C for the next year.
What I found in the Common Questions section is:
Follow these steps to stop depreciation on an asset:
- Open the Asset Entry Worksheet.
- Scroll down to the Dispositions section.
- Locate the Date of Disposition field.
- Enter the date the asset was no longer used for business.
- Do not complete the rest of the Disposition section.
Do you think that would be enough to inform the IRS that the client stopped using the home office?
Any help!
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Level 15
06-23-2024
07:57 PM
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That stops the depreciation. Then you print out the depreciation worksheet so you have the accumulated amount to recapture when the house sells
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
HOPE2
Level 9
06-23-2024
08:23 PM
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You mean just enter the date of disposition, right?
I think I should click on QuickZoom and then follow those steps, am I right?