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posted Jun 1, 2019 7:15:32 AM

Federal Tax tab, Business Items, Sale of Business Property. I did not enter an amount. Where do numbers that show up here come from?

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1 Best answer
Intuit Alumni
Jun 1, 2019 7:15:52 AM

You can have business property sales from a variety of sources, such as:

  • Sale of land, mineral property, or inventory
  • Recapture of a previously taken section 179 deduction
  • Non-recaptured section 1231 losses
  • Profit from the sale or trade of property you held for investment (like-kind exchange)
  • Sales of stock, real estate, autos or anything else for which you receive payments in two or more tax years (installment sale).
The best way to find out where the number comes from is to go through the Sale of Business Property interview.  If want to remove any reference to a sale of business property, please follow these steps:
  1. Click on the Start/Update box next to Sale of Business Property.
  2. On the screen, Any Other Property Sales?  make sure no boxes are checked and click Continue. [See Screenshot #1, below.]
  3. You'll be brought back to the Income Summary screen. 
  4. Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar.  [Screenshot #2]
  5. In the Forms in My Return list on the left, click Enterable 4797 to open it.  [Screenshot #5] 
  6. Click the Delete Form box at the bottom of the screen.

1 Replies
Intuit Alumni
Jun 1, 2019 7:15:52 AM

You can have business property sales from a variety of sources, such as:

  • Sale of land, mineral property, or inventory
  • Recapture of a previously taken section 179 deduction
  • Non-recaptured section 1231 losses
  • Profit from the sale or trade of property you held for investment (like-kind exchange)
  • Sales of stock, real estate, autos or anything else for which you receive payments in two or more tax years (installment sale).
The best way to find out where the number comes from is to go through the Sale of Business Property interview.  If want to remove any reference to a sale of business property, please follow these steps:
  1. Click on the Start/Update box next to Sale of Business Property.
  2. On the screen, Any Other Property Sales?  make sure no boxes are checked and click Continue. [See Screenshot #1, below.]
  3. You'll be brought back to the Income Summary screen. 
  4. Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar.  [Screenshot #2]
  5. In the Forms in My Return list on the left, click Enterable 4797 to open it.  [Screenshot #5] 
  6. Click the Delete Form box at the bottom of the screen.