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icole operates her personal training business as a sole proprietor. She took $ 1 5 , 3 5 0 in bonus depreciation in 2 0
icole operates her personal training business as a sole proprietor. She took $ in bonus depreciation in for fitness equipment she purchased. Nicole sold the equipment in for $ How does Nicole report the $ on her tax return? As ordinary income of $ only. As ordinary income of $ plus selfemployment tax of $ As a capital loss of $ Nicole does not have to report the sale proceeds as income since the fitness equipment was already fully expensed on a prior tax return.
icole operates her personal training business as a sole proprietor. She took $ in bonus depreciation in for fitness equipment she purchased. Nicole sold the equipment in for $ How does Nicole report the $ on her tax return?
As ordinary income of $ only.
As ordinary income of $ plus selfemployment tax of $
As a capital loss of $
Nicole does not have to report the sale proceeds as income since the fitness equipment was already fully expensed on a prior tax return.
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