Sale of assets

Forum|Forum|2 years ago
August 14, 2023
2 replies
30 views

If I have a corporation return that has 5000 assets is there a way to make just one or two entries to show sale of assest instead of going into every seperate asset showing sale date and cost of sale

This topic has been closed for replies.

Jim-from-Ohio

Intuit Community Champion

are the ones being sold fully depreciated going into the year you are working on?

I

ivlabonne

Level 3

Hi jim,

I am not the original poster for this question but I have the same issue. it's a "how to in the tax software"

sub S sold all assets on installment sale, some are fully depreciated and some are not. there are 55 assets. How can I get the assets to one 6252 and not double up using the 4797 and the 6252 when entering the asset sale. I use the disposition section of the asset entry worksheet to get the asset off the book. the software says I can't go to the 6252 for some assets.

I know I am showing total sale and sale on 6252 but do not know how to fix.

Irene

Jim-from-Ohio

Intuit Community Champion

the sale of asset has to have a gain for the 6252 to popualate. For the ones where the program will not populate the 6252 was the sale a gain or a loss?

T

TaxMonkey

Level 7

You can "trick" the software by creating one asset with the consolidated totals of the fixed assets - purchase price, depreciation, etc. An then "sell" that asset, and simply delete all the other assets.

Make sure to keep the type of property the same in a consolidated entry. 1245 property is treated differently in a sale than 1250 or 1231 property.

Sign up

Login with SSO

Let's get you signed in

Login with SSO