Good Day all, my question involves form 4562 for a partnership return. When I calc'd the asset (refrigerator and cabinets and dishwasher...) I placed them on a 5yr schedule and added the amount into line 17 carrying it into the future years (yr 1,2,3,4,5). It is now yr 6 and due to the 1/2 yr function it is time to retire these assets. But, they are still in use. I did not replace or sell them. Question: how do I account for the loss of the deduction since it is now depleted and has no more depreciation? Do I simply deduct the annual portion out of line 17 and report the new (lower) net deduction amount going forward?
If that is the case, when I hit the 15 yr mark in yr 16, do I do the same?
Please help as I just realized this is my situation when I finally sat down to do my partnership return and now I cannot find an answer to this online. Please help. Thank you!!!