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How do I change a prior's year tax asset total cost given…

Customer Question
How do I change a...
How do I change a prior's year tax asset total cost given that a portion of that asset was returned in 2017causing a reduction in the overall cost of a 2016 assets and a negative line item on the 2016 balance sheet?
Submitted: 1 month ago.Category: Tax
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Answered in 3 days by:
3/24/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,011
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'mCustomer and can assist.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago

I assume your business purchased assets in 2016, then returned some in 2017. Can you confirm that first, then I will assist with the tax reporting.

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Customer reply replied 27 days ago
I confirmed this, how can I get rid of the portion o fthe asset?
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 27 days ago
You could treat this as a sale, which would pick up the recapture gain in the return. This would also clean up the balance sheet and current year depreciation.Treat it as a sale on 4797. There should be a tax gain to the extent of depreciation recapture.Please review and advise. Positive feedback is appreciated if this covers your questions. Ask if you need more help. I'mCustomer
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PDtax
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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,011
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Experience: 35 years tax experience, including four years at a Big 4 firm.

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