Allowable depreciation

Forum|Forum|4 years ago
October 10, 2021
2 replies
10 views

Fixtures were purchased in 2011 and never depreciated. Sold in 2020. Using ProSeries assets worksheet, I completed the Asset Information, asset type E1 Office furniture / fixtures I entered zero for prior year depreciation. I completed Dispositions. I don't see "Allowable depreciation", form 4797 (e) is blank, how do I fix this?

More details:

Purchase price was $15,000, sale price $7,829 sold June 22, 2020.

ProSeries Professional

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T

TaxGuyBill

Level 15

What exactly were these "fixtures"? "Fixtures" is usually different than "office furniture".

In the space for "prior depreciation", enter the amount of depreciation that SHOULD have been claimed.

File Form 3115 to 'catch up' on the missed depreciation.

S

sffdibAuthor

Level 5

These are glass display cases and other stuff in a retail store. Business had to close due to COVID. They sold what they can before turning the key to the landlord.

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