Question

Fixed Asset disposal

Forum|Forum|2 years ago
February 16, 2024
1 reply
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I took a full 179 deduction on a fixed asset in 2021. The item no longer works and has been retired. Is there any special treatment since it has not yet reached its useful life?

TurboTax Business Windows

T

ThomasM125

No, since you didn't sell it or convert it to personal use, you don't need to recapture any depreciation or factor it into a gain on property sold. You can remove it from your TurboTax program by indicating it has been retired. Enter $0 for the sale proceeds. You do this by editing your business and going to the depreciation and assets section. Edit the asset and indicate that it has been retired.

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