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Old 01-25-2015, 01:42 PM
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recapturing Section 179 deduction on sold cell phone used partially for business

I have a tiny business. I bought a cell phone in Nov. 2012 that was used 70% for business purposes. It cost $215.42, and I elected to take a Section 179 deduction in 2012 for the full business portion (70%), which was $150.79. I then sold the phone in Oct. 2014 for $190.

I'm hoping someone can tell me how to report this, as I assume it goes on Form 4797 using lines 20-25b, but I don't know what numbers exactly to put on those lines. (For example, is the "gross sales price" on line 20 the full $190, or do I just put 70% of that? What is the "depreciation allowed or allowable" on line 22?) Any help with this would be appreciated! Thanks.



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