What kind of business? Sole proprietorship? Single Member LLC? Multi-Member LLC? Partnership? S-Corp? C-Corp? What *exactly* did you sell? Assets? Inventory? Good Will? Something else?
To report your sales for your business in TurboTax, follow these steps:
- Select Search in the top right hand of your screen,
- Enter Schedule C,
- Select Jump to Schedule C.
This will take you to where you can enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment. You may be asked some general questions about your business. After answering them, you’ll be taken to the Your Business screen where you can enter this income as Additional Income under Business Income.
When you get to Expenses, TurboTax will list common business expenses and you can place a check mark next to all the expenses that apply to your situation. Use the Learn more blue link next to each item to obtain more information on the types of business expenses for that section.
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