The sale should be reported on the Corporation's return (Form 1120) as the sale of a business asset.For a corporate return (1120) you willneed TurboTax Business. You can visit the following link to purchase theprogram: TurboTax Business. To enter the sale in the 1120 return in TurboTax Business, please follow these steps: Click Federal Taxes > IncomeIn the section Dispose of Business Property, click the Start box next to Business property/assets.On the next screen, Use of Your Business Assets, mark the Yes radio button for the question Did you dispose of any assets in 2018 and click Continue.Continue through the screens, entering the requested information.

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Question

I own a C corporation that leases aircraft hangars. We sold one last year. It is listed in the asset section in Turbo Tax. Where do I show the sale?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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TurboTax Self Employed Online

Irene2805

Level 15

The sale should be reported on the Corporation's return (Form 1120) as the sale of a business asset.

For a corporate return (1120) you will need TurboTax Business. You can visit the following link to purchase the program: TurboTax Business.

To enter the sale in the 1120 return in TurboTax Business, please follow these steps:

Click Federal Taxes > Income
In the section Dispose of Business Property, click the Start box next to Business property/assets.
On the next screen, Use of Your Business Assets, mark the Yes radio button for the question Did you dispose of any assets in 2018 and click Continue.
Continue through the screens, entering the requested information.