Posted 10/24/2018 06:09 (#7062110 - in reply to #7061882) Subject: RE: Asset liquidation tax situation questions
SE Nebraska, Near Misery and Cans Ass!
poiuy6 - 10/23/2018 22:41 If you have completely depreciated the machinery out, I think you will owe taxes on the whole sales price, not on what you have left after paying off debt. Just because you owe money on the item does not get you out of declaring it as income. Two unrelated things...but I could be wrong. That is why you need to consult a knowledgeable tax person.