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Disposition
01-30-2014, 03:49 AM
Post: #1
Disposition
Hi all,

I would like to know how to handle a terminal disposition in the S125 schedule. I have a terminal loss and updated the S1 with the corresponding amount. In quick books I did the following entry.

DR loss on disposition
CR Asset

How do you input the disposition on the loss in S125 in profile schedule?

Thank you so very much!
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01-30-2014, 04:46 AM
Post: #2
RE: Disposition
when you do a disposition, you also have to close out the accumulated depreciation amount of the asset.
The disposition needs to be reported on schedule 8.
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01-27-2015, 01:33 AM
Post: #3
RE: Disposition
Schedule 6, Summary of Dispositions of Capital Property, may also be required to be completed.

Sincerely,
Madan CA
http://www.madanca.com
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