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- Entering Asset Dispositions in ProSeries 1120-S to Calculate Gain / Loss
Entering Asset Dispositions in ProSeries 1120-S to Calculate Gain / Loss
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troy
Level 3
3 weeks ago
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I am looking to dispose of an asset that was previously entered.
I am on the Asset Entry worksheet, I scroll down to dispositions, enter the asset sales, date, and property type.
It is then calculating a gain / loss based on previous information (cost, depreciation).
What are other considerations? I want to ensure the gain / loss is flowing correctly, as right now it doesn't appear to be so, given that substantial depreciation was taken on the asset, the basis is below the sales price, and there should be a split between ordinary income and capital gains.
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