George4Tacks
Level 15

I need more detail to answer.

Here is my guess:

1. For each asset, enter a date of sale ONLY do not enter any sales information.

"How to retire or dispose depreciable assets without a gain or loss

by Intuit1Updated 2 years ago

This article will help you dispose of a depreciable asset, and stop depreciation, without recording a gain or loss. First, navigate to the depreciation screen using the instructions below for your return type.

  • Individual, fiduciary, and corporate (1040, 1041, 1120):
    • Deductions > Depreciation
  • Partnership and S-corporate (1065, 1120S):
    • Ordinary Income > Depreciation (4562)
  • Exempt organization (990):
    • Expenses > Depreciation
  1. Click the Details button on the desired asset.
  2. On the left-side menu, select General Disposition Information.
  3. Enter the Date sold, disposed, or retired [MANDATORY].

The program will automatically calculate depreciation for only the portion of the year before the asset was retired. The asset will not proforma (roll over) to next year's return."

2. Go to Dispositions and enter all of the 50% figures there. Look at the depreciation schedule to get the entries for basis and depreciation claimed. This should end up on 4797 https://accountants.intuit.com/support/en-us/help-article/form-8949/entering-sale-disposition-assets...


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