Sale of Business Assets
Menu Path: Income > Business / Rental Income > Sale of Business Assets
Do not enter regular business assets in this section. This area is for assets that were once used in your business but were converted to personal use before being sold. Because the asset is no longer tied to the business, its sale is not reported with business income. Instead, enter it here so the gain or loss can be calculated. In certain situations, the software may also direct you to report asset sales in this section.
You may also use this section to enter any required Section 179 recapture or excess depreciation recapture if the business use of certain assets falls to 50% or less.
Do not enter regular business assets in this section. This area is for assets that were once used in your business but were converted to personal use before being sold. Because the asset is no longer tied to the business, its sale is not reported with business income. Instead, enter it here so the gain or loss can be calculated. In certain situations, the software may also direct you to report asset sales in this section.
You may also use this section to enter any required Section 179 recapture or excess depreciation recapture if the business use of certain assets falls to 50% or less.
