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TT deluxe desktop form 4797

Forum|Forum|5 years ago
November 5, 2020
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TT deluxe desktop won't input all of my business assets in form 4797 sale of business assets and figure the gain or loss. I retired from my business and converted all of my assets used in my business including my home to 100% personal use. I did not self anything .

Also do I need to go back 28 yrs and recapture every asset including Sec 179, and special bonus depreciation that has been fully depreciated including assets that have been disposed of?

If I need to input data in to the form 4797 myself because the program has a glitch, in part 1 line 2 column e, how do I determine the allowable depreciation amount?

Best answer by Anonymous_

@Lj2020 wrote:

....converted all of my assets used in my business including my home to 100% personal use. I did not self anything .

If there was no sale or exchange (i.e., you merely converted the assets to personal use), there is no need for recapture except for assets that fell to 50% (or less) business use where a Section 179 deduction had been taken.

TurboTax will guide you through the scenario (at least partially), but you may need to be using the Home & Business version (if you are using the desktop version of Deluxe) - see screenshots.

1.png2.png

A

Anonymous_Answer

@Lj2020 wrote:

....converted all of my assets used in my business including my home to 100% personal use. I did not self anything .

If there was no sale or exchange (i.e., you merely converted the assets to personal use), there is no need for recapture except for assets that fell to 50% (or less) business use where a Section 179 deduction had been taken.

TurboTax will guide you through the scenario (at least partially), but you may need to be using the Home & Business version (if you are using the desktop version of Deluxe) - see screenshots.

1.png2.png