Questions & Answers

Where do I enter assets that have been used for both business and personal use?

Generally, personal property losses can't be deducted. Gains from personal property are taxable. If you sold property for a gain that was used personally and for business, it should be split based on the percentage of business use. The gain for the personal portion would be entered as an investment sale. You'll need to enter the business portion on the correct business or rental income screens. If you sold property for a loss that was used personally and for business, only enter the business portion.

Gain from the personal portion of an asset also used for business can be entered here:

Menu Path: Income > Common Income > Stocks or Investments Sold (1099-B)

See Business or Rental Property for more information on where to enter the business portion.

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