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Re: recaptured depreciation

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June 23, 2015 05:29PM
Rich & Jeff,
The income from the sale of a depreciated asset should be recorded as Gain/(Loss) of Sale of Fixed Asset. The sale proceeds will show up on the Income Statement as income. Even though it may not be subject to Social Security tax it will still be taxed as ordinary income. The accountant would show this sale on Form 4797 then to Schedule D, not Schedule F. If you are using the Taxes section under Accounting, you can set up a Form 4797 to get a report for this sale. Setting up a Family Living account will make it difficult to find on a report and might result in the income not getting properly reported.

My thoughts - hopefully helpful and not making things confusing.

recaptured depreciation

RichJune 19, 2015 01:07PM

Re: recaptured depreciation

Jeff GeigerJune 22, 2015 09:57AM

Re: recaptured depreciation

Don GarrettJune 23, 2015 05:29PM

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