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Level 2

Recapture income for Section 179

***NEVERMIND - I KNOW THE ANSWER***

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?

 

 

4 Comments
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Moderator

Recapture income for Section 179

Hello there, @rip55jcp.

 

Thanks for dropping by the Community. I'm glad to know that you already figured this out!

 

If you need further assistance, feel free to post again or leave a comment below. I'd be glad to answer should you have any follow-up questions. Take care always!

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Level 2

Recapture income for Section 179

Could someone please answer this?  I also have a 179 sale that I need to recapture and do not know how to record this in QB desktop or on my 1120S tax return.  

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Level 1

Recapture income for Section 179

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?

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Level 1

Recapture income for Section 179

can anyone assist?

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