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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- Partnership dispose of depreciable asset, no sale, vehicle titled to 49.5% partner
Partnership dispose of depreciable asset, no sale, vehicle titled to 49.5% partner
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ShelleyK29492
Level 1
03-05-2020
02:12 PM
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Husband and wife partnership. Capital account balances are about $12,000 each. Business owns a 2014 Toyota 4Runner, recorded at $44,031. Depreciation is $24,007, $11,160 of which is special depreciation allowance. On Jan 9, 2019 vehicle is retired. Wife transfers title in her name. FMV at date of transfer is $19,075. My question: Is there a taxable event in 2019? And if so how is it reported?
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