I sold $30,000 within business assets(machinery,equipment)thi… year, how would I claim that on my taxes.?

I sold $30,000 in business assets(machinery,equipment)this year, how would I claim that on my taxes. would it be considered "other income" or "capital gain"?
Answers:
I am sure you hold depreciated those assets over the years since you put in service, so what you do is: You need dispose them, which resources enter sale date, sale price, sale expenses (if you have any) and adjusted reason (cost - accumulated depreciation- current year's depreciation= usually computer does this calculation for you) later you will know if you have gain or loss. You need do this by access your depreciation worksheet for each asset. If you haven't depreciated them for over the years, you probably should report those on the Form 4797(not capital assets form Schedule D)- Dutch auction of business assets. OK?
It should be capital gain. I just wonder this $30,000 is adjectives the proceed you have got from the mart or this is the difference between the proceed and the basis. Source(s): UNCW

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