Sale of a Website

[David47]

Hi

Earlier this year I sold a small website that I have been running for several years. I was wondering how to report this sale in TurboTax. I know that it is a long-term capital gain, but I don't see a section where I would list this type of asset.

Any advice would be greatly appreciated.

Thanks

David

[Anonymous]

from view/forms/open forms  type capital gain - open the wks

enter a name like website

[Anonymous_]

If you are using an Online product, there is no Forms Mode. In that event, click Federal on the left, click Wages & Income at the top of the screen, scroll down to Investment Income, and click the Start button to the right of Stocks, Mutual Funds, Bonds, Other (see screenshot). Note that you will need at least TurboTax Premier if you are using an online version.

[David47]

@Anonymous_ @Anonymous 

Thank you both for your replies. I am not using the online version. I am using TT Deluxe. Interestingly, @Anonymous_'s response might have given me insight into my next question. After accessing the sheet that @HACKITOFF suggested I use, I wasn't able to complete the form. I filled out the information, but I didn't see any "SAVE" button or something like that at the bottom of the screen. The only options were: "PRINT," "DELETE FORM," and "CLOSE FORM." Over on the right side of the screen is an "Upgrade TurboTax" button. I presume this form necessitates a higher level product?

Thanks again to you both for your replies.

David

[Anonymous_]

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@David47 wrote:

I presume this form necessitates a higher level product?

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It should not necessitate a higher level product if you are using the desktop version of TurboTax Deluxe. 

Ensure that you are actually entering information in the Capital Gains (Loss) Transaction Worksheet (which I presume you are doing) and that the form remains in the list of forms under Forms in My Return (there is no "Save" button you need to click).

[VolvoGirl]

Be careful using the Forms Mode.  You need to find the underlying source worksheet to make the entry on.  If you make any overrides you can't efile.

[David47]

@Anonymous_ I just realized it was pilot error. TT was indicating that there was an error on that page. The error was I was using TT for 2018 and wrote in a sale's date in 2019, so they software correctly indicated that my sale's date was an error (you shouldn't be able to record a sale in 2019 on your 2018 return 😉 ) Once I used a 2018 date, that worksheet was accepted. Thank you!

@VolvoGirl Thanks for your comments. Good advice regarding entering data properly on the worksheet to ensure that the file could be accepted for online filing. After fixing the error (date mismatch) the page was accepted; no save button. 🙂 

[VolvoGirl]

When did you sell it?  In your original question at the top you said......earlier this year.   Sure it doesn't go on next year's 2019 return?

[David47]

@VolvoGirl  Yes, I did sell it this year; it will go on my 2019 return. The reason I was having a problem is that I was using TT for 2018 (as the 2019 version isn't available yet) to run my test scenario.