Business Starting Grants

For taxes my business equipment and supplies have depreciated down to zero, what do I do when selling them?

I still have some equipment that is depreciated to zero on the Federal Tax form 4797. How do I report the income from selling the equipment in the future? I also sold a business truck and it was depreciated to zero. Can i use Turbotax for business, cause I can not afford H&R Block.

Public Comments

1. Obviously there should be no tax liability for these sales. Is there not a place to list non-taxable income... or list selling price at zero?
2. Actually you report on Form 4797 and take depreciation on form 4562. Plug the dates and numbers in. If you have 0 basis in the equipment than any money received in a sale is profit and must be reported. This is where a tax pro can earn his keep. Had you traded the truck instead of selling it you could have avoided realizing the gain.