Started business in 2008. Expensed or depreciated all assets. The purchase agreement shows buyers paid $N for $N assets.
Was able to find the 8797 form but cannot make entries. I'm on an iMac/Safari.
The best way to report this sale is to enter the asset/s into your TurboTax Business section. While entering these assets, click the box that reports "you sold or otherwise disposed of this asset in 2016". Then it will ask for date of sale. Next will ask for prior depreciation taken and sale price. Once you have entered this information, TurboTax will automatically report the income gain/loss on the correct forms. (Generally form 4797) Hope that helps~~~
Are these assets in your Business Asset Summary in TurboTax? What does $N mean?
The assets, some expensed and some fully depreciated, are not in the TT asset summary. $N means the sale price and also the stated value of the assets at sale.
The expensed assets will need to be entered under "Sale of Business Property".
The best way to report this sale is to enter the asset/s into your TurboTax Business section. While entering these assets, click the box that reports "you sold or otherwise disposed of this asset in 2016". Then it will ask for date of sale. Next will ask for prior depreciation taken and sale price. Once you have entered this information, TurboTax will automatically report the income gain/loss on the correct forms. (Generally form 4797) Hope that helps~~~