There comes a time in any business when it's necessary to sell or scrap a depreciable asset used in the business. This video describes the sale of business use assets, how gains (or losses) are calculated, and where any gains or losses are reported on the tax return.
0:00 Introduction
0:37 Types of sales and disposals
1:45 Calculating gains and losses
3:03 Examples of gains and losses
5:10 Reporting gains and losses on the tax return
5:55 Conclusion
To learn more about the sale of real property, click here: [ Ссылка ]
To learn more about MACRS depreciation, click here: [ Ссылка ]
Additional Information and Resources:
IRS Publication 544; "Sales and Dispositions of Business Assets": [ Ссылка ]
IRS Form 4797: "Sales of Business Property": [ Ссылка ]
IRS Publication 946: "How to Depreciate Property": [ Ссылка ]
Tax Pro Plus: "Disposing of Business Assets": [ Ссылка ]
The Tax Geek on Twitter: www.twitter.com@taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image/Video Sources:
Storyblocks.com
Pexels.com
Image of commercial oven: www.webstaurant.com
Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library
Outro Music: "Modern Attempt" - Track Tribe via YouTube Audio Library
NOTE: The "2024" tax forms in this video are adapted from 2022 tax forms and are for illustrative purposes only.
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.
The information in this video is current as of date of publication, and is subject to changes.
