BulldogTom Posted August 27, 2020 Report Share Posted August 27, 2020 Client started his trucking business in Jan. Purchased a truck and started hauling loads. By Oct, the truck was repossessed by the lender. I know there is no depreciation allowed, it is a purchase and sale in the same year resulting in a short term ordinary loss. How do I process this transaction in ATX to make it all flow without going through the fixed asset module? Thanks Tom Modesto, CA Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted August 27, 2020 Report Share Posted August 27, 2020 Do a mental note and under other income "Loss on disposition of asset" write down the amount in negative. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted August 27, 2020 Report Share Posted August 27, 2020 44 minutes ago, BulldogTom said: without going through the fixed asset module Why not go through the fixed assets and have it all just flow? 2 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted August 27, 2020 Report Share Posted August 27, 2020 1 hour ago, BulldogTom said: How do I process this transaction in ATX to make it all flow without going through the fixed asset module? The 4797 input tab will take care of it. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted August 27, 2020 Author Report Share Posted August 27, 2020 1 hour ago, Abby Normal said: Why not go through the fixed assets and have it all just flow? Can you do it through the FA module? Won't it record depreciation? Tom Modesto, CA Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted August 27, 2020 Report Share Posted August 27, 2020 26 minutes ago, BulldogTom said: Won't it record depreciation? Not if you also show as a disposition in the same year. 2 Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted August 28, 2020 Author Report Share Posted August 28, 2020 Got it. Thanks guys. Tom Modesto, CA 1 Quote Link to comment Share on other sites More sharing options...
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