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rmartushev
New Member

I sold fishing vessel for $250,000 in October and am doing an amendment - do I need to report sale price?

How do I report sale of fishing vessel as asset - confusing 

1 Reply
Leonard
Intuit Alumni

I sold fishing vessel for $250,000 in October and am doing an amendment - do I need to report sale price?

Yes, you will have to report the sale as the fishing boat was business property.  You will report the sale to determine what if any capital gain or loss you had on the sale.  You will report the sale on Form 4797 sale of business property.  You can access From 4797 in TurboTax by entering sale of business property in the search box and click on Jump to sale of business property in the results box.  Follow the program prompts to enter your sale information.

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