I have a piece of equipment that I took a section 179 deduction on in the first year that it was in service. I have sold the equipment before the end of its useful life and I need to report the "recapture" of the excess depreciation as income on form 4797. Is there an account in Quickbooks to book this income to, so that it will generate the correct form when I import into TurboTax?
Does recapture of section 179 due to asset disposition increase basis for the s-corp shareholders? We have income in line 17K and will report the gain on owners taxes but want to know if this also increases their basis by the amount in box 17k?