linduca1216
Level 7
‎10-13-2021 07:11 PM

How can I mark an asset as retired versus sold?   Any option other than deleting it?

 

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Just-Lisa-Now-
Level 15
Level 15
‎10-13-2021 07:16 PM

You can put a disposal date with no sales price, that stops depreciation as of that date and it wont show up on the Dep schedule next year.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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linduca1216
Level 7
‎10-13-2021 07:56 PM

Thanks!   I thought it might still show up on 4797, but it does not.

I appreciate your taking the time to respond!

ljr
Level 8
‎10-14-2021 08:58 AM

just a thought - for QBI you wouldn't want to delete the retired or fully depreciated asset as it still works into the calculation doesn't it. Sorry not enough coffee yet this morning.

dkh
Level 15
‎10-14-2021 10:25 AM

I would want it on the depreciation schedule so when client sells the asset 5 years from now ..........

dd4vols
Level 10
Level 10
‎10-14-2021 06:11 PM

and in a related matter.. "How can ProSeries help make a tax preparer want to retire'

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dkh
Level 15
‎10-14-2021 06:33 PM

I wish there was a "tax practitioner retirement package" available.  It would include a letter to send to clients, prepaid service for moving company that will box all files for storage, and an all expenses paid travel package to destination of my choice.