I bought a cargo trailer for $2550. I used it 50% for business. This is the fifth and final year of depreciation and it is the final return for the Chapter S Corporation that I used this trailer for. The current FMV for this trailer is $2000. The trailer will be mine personally after I dissolve the S Corp. How do I show this on my taxes? Are the correct forms 1120S (for the final year of depreciation) and final tax return, 4562 to show the depreciation, and form 4797 to "sell" the property? I cannot seem to figure out the paperwork I need to do to show this process and I cannot seem to figure out If I have an income or loss or wash on the depreciated trailer.

I also have a Ford Explorer used only 3% for this business, purchased for $11,092, FMV $3,763, in its third year of depreciation. It will become mine as well as part of dissolving the S Corp.

THANK you to whomever can help me straighten this out!