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Level 4
September 29, 2021
Solved

How do I record partial disposition of a depreciable asset?

  • September 29, 2021
  • 1 reply
  • 17 views
Cattle farm's purchase of a dozen breeder cows was recorded as one asset. Is there a way to record partial disposition in ProConnect if half were sold in a subsequent year?
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Best answer by TaxGuyBill

Create two new assets, using the original "placed in service" date, and using half of the Basis and prior depreciation.

Delete the old asset that had 100% of the cows.

Sell one of the new assets to reflect the sale of the half of the cows.

1 reply

Level 15
September 29, 2021

Create two new assets, using the original "placed in service" date, and using half of the Basis and prior depreciation.

Delete the old asset that had 100% of the cows.

Sell one of the new assets to reflect the sale of the half of the cows.

RoxAuthor
Level 4
September 29, 2021

Thank you! I was leaning that way.