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DonnaB
Level 2
05-08-2020
10:31 AM
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I have a client who is selling their beer distributorship this year. I am trying to calculate ordinary income v capital gains. One of the assets is the liquor license. When I "sell" it in the software it is treating it as ordinary income when it should be capital gains. On the depreciation screen I have it as amortizable over 15 years. How do I make it so that it is treated as capital gains? TIA
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George4Tacks
Level 15
05-09-2020
10:04 PM
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In the depreciation screen only enter the sale date. Don't put in any other sales information there.
Then enter the sale in the disposition screen with the remaining amortization balance as the basis.
Here's wishing you many Happy Returns
Then enter the sale in the disposition screen with the remaining amortization balance as the basis.
Here's wishing you many Happy Returns
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