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Sale of Rail Car
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LAMullen
Level 1
03-23-2022
05:32 PM
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I have a client that sold railcars originally purchased in 1981/1982. I know the original cost. I do not know how much depreciation was taken, although I'm assuming it was equal to the original cost. We have been using the Schedule E for all rental income/expenses with a Property Type of 8. When I try to add the asset on the Asset Entry Worksheet, I'm having trouble finding the correct type of asset to choose. I believe the depreciation would have been 20 years, so it's completely depreciated. However, if I choose G - General purpose tools/machinery/equip, it's picking Asset Class 5, prescribed ACRS with a recovery period of 5 years. Is this okay? My feeling is that the gain is simply the sales price less sales expenses.
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1 Comment 1
TaxGuyBill
Level 15
03-23-2022
06:17 PM
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As you said, if it is fully depreciated, it won't really matter.
However, I'm wondering why you are reporting it on Schedule E, which is for renting real estate. A business of renting out other items generally belong on Schedule C.
