Our business was destroyed by Hurricane Michael in Oct 2018. No business conducted in 2019. We sold about $2,500 of assets from the business in 2019. The business was a sole proprietorship.
I have a 'Depreciation Detail Listing' with freezers at a cost of $3,722 and a boat at $500, both full depreciated. I sold the freezers for $650. I sold the boat for $500.
I also sold misc items, coolers, bags, ice box, etc at $1,935. These items were written off the day they were purchased. I don't know what form(s) to put these items on. Can you help?
Thank you, Mike
We are fully retired and trying to plan my withdrawals before year end. I had been planning IRA withdrawals and some Roth Conversions, but found I can have LTCGs from a taxable account up to $78,750 and pay 0% tax, so I'm rethinking my 12% IRA withdrawals for 0% LTCGs.