Selling Business Assets

[SRJeff]

OK - I closed my LLC last year (2020).  We sold off the assets, and am trying to properly report this as disposal of an asset for about 6 items we have depreciated in previous years.  When TT asked for the date sold, it will not accept a date earlier than Jan 1, 2021.  It says the date of sale must have occurred in the tax year.  Seems that should be any date in the year 2020.  Is there something wrong with the software, am I looking at this incorrectly, or is it ok to list the sale date as Jan 1, 2021 even though we closed the bank account back in June?

[tagteam · Accepted solution]

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@SRJeff wrote:

....When TT asked for the date sold, it will not accept a date earlier than Jan 1, 2021.

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Make sure you chose the correct tax year.

[SRJeff]

Thanks!  Just had to go back to the beginning and check my work!