 Depreciation Recap Comput (by LL [TX]) Mar 19, 2019 1:40 PM
 Depreciation Recap Comput (by Kim [TX]) Mar 19, 2019 2:19 PM
Depreciation Recap Comput (by Pmh [TX]) Mar 19, 2019 3:06 PM
Depreciation Recap Comput (by Marv [IL]) Mar 20, 2019 5:16 AM
Depreciation Recap Comput (by Steve [MA]) Mar 20, 2019 5:25 AM
Depreciation Recap Comput (by S i d [MO]) Mar 20, 2019 5:59 AM
Depreciation Recap Comput (by LL [TX]) Posted on: Mar 19, 2019 1:40 PM
Message:
I'm going through TurboTax. I'm on the worksheet where I'm checking the box stating that I no longer have a computer that had been fully depreciated (purchased maybe 6 or 7 years ago). I checked the box stating the computer was not sold.
The computer died, and I threw it away. It appears that I have to recapture the depreciation at the 20% rate.
This seems odd to me since the computer has no more useful life. I didn't realize that I would have to recapture depreciation on a worthless computer the same way I would if I sold rental property.
Am I doing this right? --76.183.xxx.xxx |
Depreciation Recap Comput (by Kim [TX]) Posted on: Mar 19, 2019 2:19 PM
Message:
I think something is amiss. A fully depreciated computer has a value of $0.00. If you had actually sold it for $100, you would report a gain of $100. If you threw it away, you have neither a gain nor a loss to pay tax on. --23.30.xx.xxx |
Depreciation Recap Comput (by Pmh [TX]) Posted on: Mar 19, 2019 3:06 PM
Message:
if you capitalized & deprecated you will owe: in future have a capex limit eg 1,000 and expense anything below that. --70.119.xxx.xxx |
Depreciation Recap Comput (by Marv [IL]) Posted on: Mar 20, 2019 5:16 AM
Message:
There is no recapture. I just delete the asset but not sure how to do that in turbo tax. --173.15.xx.xxx |
Depreciation Recap Comput (by Steve [MA]) Posted on: Mar 20, 2019 5:25 AM
Message:
I hope you just expensed your replacement computer instead of depreciating it. --96.237.xx.xx |
Depreciation Recap Comput (by S i d [MO]) Posted on: Mar 20, 2019 5:59 AM
Message:
Depreciation only becomes a factor when you sell and realize a profit. You didn't do that so there's no recapture. How do you make Turbo Tax do that? No clue. This is one reason why I have a CPA. Probably some Googling will get you the answer.
Try: "Delete fully depreciated asset Turbo Tax" --173.20.xxx.xxx |
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