How to process in ATX? Purchase and sale of asset in same year

[BulldogTom]

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

[ILLMAS]

Do a mental note and under other income "Loss on disposition of asset" write down the amount in negative.

[Abby Normal]

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?

[DANRVAN]

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.

[BulldogTom]

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

[DANRVAN]

26 minutes ago, BulldogTom said:

Won't it record depreciation? 

Not if you also show as a disposition in the same year.

[BulldogTom]

Got it.   Thanks guys.

Tom
Modesto, CA