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Old 02-21-2019, 01:03 PM
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tenderhearts tenderhearts is offline
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Default Capital Gains and Losses

Hi Tom,

I had a question if you don't mind. I bought a new computer in 2018 which took place of a computer I purchased in 2016. Our tax preparer did the capital gains form I'm guessing to dispose of this, I did not sell the other computer it just broke down, anyways, I have disposed of others on my depreciation and have never had anyone fill out this form. Is this correct?
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Old 02-21-2019, 02:36 PM
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Michael Michael is online now
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Here is an earlier thread regarding depreciation on a computer: https://www.daycare.com/forum/showthread.php?t=91090
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Old 02-21-2019, 04:37 PM
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Thanks for the link but I don't really get it sorry. Hoping Tom can let me know. I'm super confused.
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Old 02-22-2019, 11:48 AM
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Default computer

Quote:
Originally Posted by tenderhearts View Post
Hi Tom,

I had a question if you don't mind. I bought a new computer in 2018 which took place of a computer I purchased in 2016. Our tax preparer did the capital gains form I'm guessing to dispose of this, I did not sell the other computer it just broke down, anyways, I have disposed of others on my depreciation and have never had anyone fill out this form. Is this correct?
If you were depreciating the first computer that broke, you can claim any remaining unclaimed depreciation in the year it broke. What form did your tax preparer use?
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Old 02-22-2019, 02:27 PM
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He put in on schedule D as a shorter-Term Capital Gains and Losses and form 8849
Under part 1 he filled out line 3, under cost E he put 200 then under column G for adjustments 200.
But when I look at Additional Income and Adjustments to Income Schedule 1 line 14 it lists 0, I'm confused.
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Old 02-23-2019, 04:21 PM
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Default computer

Quote:
Originally Posted by tenderhearts View Post
He put in on schedule D as a shorter-Term Capital Gains and Losses and form 8849
Under part 1 he filled out line 3, under cost E he put 200 then under column G for adjustments 200.
But when I look at Additional Income and Adjustments to Income Schedule 1 line 14 it lists 0, I'm confused.
I'm not an expert on Schedule D or Form 8849. However, if you disposed the computer and didn't sell it, and $200 represents the unclaimed depreciation, you should show a $200 loss that you can deduct as a business expense.
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