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NG15_2
Level 2
February 20, 2022
Question

If an asset purchased for $36,210 2004, depreciation expense is $24,116. selling price is $15,500. Isn't my gain only $3,406?

  • February 20, 2022
  • 3 replies
  • 25 views
It does not appear Pro Series is using the basis for the asset. with calculating the gain, what do you think?
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3 replies

jeffmcpa2010
Level 10
February 21, 2022

It may depend on the what type of property the asset was.

Asset type

Depreciation method and life being used etc. 

The amount of depreciation taken (roughly 2/3 of cost in 17 years) seems unusual making it seem like it might have been Residential rental property, but then the sales price seems likely too low, for that to be the case.

If the depreciation was originally set up in an unusual way maybe that is confusing Pro Series.

 

    TaxGuyBill
    February 21, 2022

    Let me use my mind-reading skills ... is this a vehicle?

    Has the business percentage varied from year to year?

     

     

      abctax55
      abctax55
      Level 15
      February 21, 2022

      Individual return?

      Or possibly 1065/1120-S with § 179?

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