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I'm using the Short Form and we sold our business in January of 2020. Where, in TurboTax do I record the basis, sale price, and amount still owed at the end of 2020?

 
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4 Replies
ColeenD3
Expert Alumni

I'm using the Short Form and we sold our business in January of 2020. Where, in TurboTax do I record the basis, sale price, and amount still owed at the end of 2020?

If you sold a Sole Proprietorship, you would enter it in Sales Of Business Property.

 

You may need to upgrade to Self-Employed. You can type the term in the SEARCH box in the upper right hand corner of the program and then click the "Jump to" link.

 

If you have Home and Business program, please see this LINK.

I'm using the Short Form and we sold our business in January of 2020. Where, in TurboTax do I record the basis, sale price, and amount still owed at the end of 2020?

Thanks sos much, Coleen, for your response.

 

I'm afraid I left out the  important point that our business was not a sole proprietorship but was a SubS corp.  I'm pestering my accountant for our 1020S because I believe that provides us with the information for our basis. But the rest comprises my question: Where do I put that data in TurboTax?

ColeenD3
Expert Alumni

I'm using the Short Form and we sold our business in January of 2020. Where, in TurboTax do I record the basis, sale price, and amount still owed at the end of 2020?

Please see this LINK for more information. If this doesn't apply, look for Sales Of Business Property in the Business Program.

I'm using the Short Form and we sold our business in January of 2020. Where, in TurboTax do I record the basis, sale price, and amount still owed at the end of 2020?

Dunno if this answers my question. The sale of business was apparently a transaction between the SubS coporation and not a 1040 item. So I guess the whole transaction will be handled within the province of the 1120S and the K-1s that emanate from it. 

I admit that this is a confusing question and I'm now talking with my accountant about how best to handle it.

Thanks for your help.

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