Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Sale of Rail Car
Sale of Rail Car
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
LAMullen
Level 1
03-23-2022
05:32 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Labels
1 Comment 1
TaxGuyBill
Level 15
03-23-2022
06:17 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
