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Wierzbo
Level 2
June 4, 2020
Question

Depreciation of assets when closing a company

  • June 4, 2020
  • 4 replies
  • 35 views

What do you do with the remaining balance of an asset that has not been fully depreciated when filing a final K-1?  

This topic has been closed for replies.

4 replies

sjrcpa
sjrcpa
Level 15
June 4, 2020

 What happened to the asset?

And, what happened to the fully depreciated assets?

The more I know the more I don’t know.
    W
    WierzboAuthor
    Level 2
    June 5, 2020

    The client may use them in a new business they are contemplating starting, but that is on hold at this time.

    T
    TaxGuyBill
    June 4, 2020

    And is this a Partnership or is it a S-corporation?

     

    Edit ... Shoot, I avoid answering things like this ... most likely a do-it-yourselfer (first post and just said "K-1" rather than Partnership or S-corporation).

      W
      WierzboAuthor
      Level 2
      June 5, 2020

      It is an S-Corporation.

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