As far as how to do this in TT, I have no idea, but in your accounting ....
Create an income account called gain/loss on assets
journal entry to move the cost basis, debit gain/loss for $5,000, and credit the asset account
I assume when you say earned a deduction, you are actually talking about depreciation and that amount has been posted to a sub fixed asset account named accumulated depreciation canopies or something similar.
The 5K purchase price is 57% (and some change) of the total purchase, so that 57% need to be moved out of the accumulated depreciation account with a journal entry
debit accumulated depreciation for $2,655.06, and credit gain/loss for the same amount
(4658 * 57%).
BUT, you did not mention the depreciation you should have posted for the tax year 2019, a partial amount if you disposed of the canopy mid year, and that depreciation needs to be posted first. That would change the 4658 number for total accumulated depreciation, and a new 57% calculation would have to be done.
.
If you were paid anything for the disposal, deposit the funds and use the gain/loss account as the source account for the deposit
