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Closed business: How do I report remaining assets on depreciation schedule?

Quinn-you-boys
Level 1

2019 Photo Business closed.  There are 5 remaining assets on the depreciation schedule.  What do I do... or how do I report those now?

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IRonMaN
Level 15

What happened to the assets?  Did they end up lost in the Bermuda Triangle?

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
Quinn-you-boys
Level 1

The remaining assets, camera case, hard drive, memory card are now being used by the business owner for personal use.

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IRonMaN
Level 15

On the asset entry worksheet for each asset, show the date the business closed as the date sold but don't enter anything in for a sales price.  That is assuming you are dealing with a schedule C business.

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
Quinn-you-boys
Level 1

Hey IRonMaN:

Thanks for getting back to me. 

I was hoping to get the step by step... like 

1. Go to Screen 22 "Depreciation". Each asset attached or related to the closed business will have to be addressed in this way, so highlight the first asset you want to report.

2. With the asset highlighted, scroll down to "Additional Information" and enter "1" Delete this year or "2" Delete next year.  Note:  If you select "1" the software removes it from the 4797 form and it also will remove it from the Critical Diagnostic for efiling purposes.  

3. With the asset highlighted, scroll down to the section  "General Disposition Information"

4. Enter the date the business closed if known, otherwise enter 12/31/ of the tax year you are preparing.

5. Scroll down to the section "Sale of Asset" enter the sales price, or if it was not sold, enter "-1"

The above steps causes those assets highlighted to appear on form 4797 and boom bada bing.. the business is closed, and you are ready to efile.

oh... and thank you for the "remember" and I want to repay your kindness.  Here is the link I invite you to watch https://www.youtube.com/watch?v=b8nR9iROHDk it poses a question wherein the answer is "about 700 lbs".  Verifiable on Google.  Have a great day.

Quinn-You-Boys

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IRonMaN
Level 15

I don't do Lacerte, so that is pretty much as much detail as I have.  

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
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