CEB
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12-07-2019
08:16 AM
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garman22
Level 13
12-07-2019
08:16 AM
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off the top of my head i would say enter in the date disposed without a sales price and that should eliminate an asset thats been abandoned.
IRonMaN
Level 15
12-07-2019
08:16 AM
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But if it is abandoned/trashed, I think we want to enter a zero sales price. I think the "without a sales price" thingy only gets used when we stop depreciating an asset but our bony fingers are still clenched to the asset.
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CEB
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12-07-2019
08:16 AM
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The assets have actually been placed in the dumpster.
IRonMaN
Level 15
12-07-2019
08:16 AM
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You sold it to the dumpster for $0.00.
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Slava Ukraini!
CEB
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12-07-2019
08:16 AM
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I see your point.
CEB
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12-07-2019
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When I enter a $0.00 sale price the transaction gets carried over to Form 4797. Form 4797 is for the "Sale of Business Property".
IRonMaN
Level 15
12-07-2019
08:16 AM
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Yup, you sold it for $0.00.
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garman22
Level 13
12-07-2019
08:16 AM
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Thats why I would put no sales price. You could do as @IRonMaN suggested but as you stated, thats what will happen.
IRonMaN
Level 15
12-07-2019
08:16 AM
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But if the asset has any remaining basis, you want to report a disposition on the 4797 to write off the remaining basis. If there isn't any remaining basis, it really doesn't matter.
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garman22
Level 13
12-07-2019
08:16 AM
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I agree with you there, bud. I took the OP's statement as there was nothing left of asset. But I fully agree with you re: basis.
CEB
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12-07-2019
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These comments were all very helpful. Thank you.
IRonMaN
Level 15
12-07-2019
08:16 AM
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:+1:
Slava Ukraini!
Slava Ukraini!