Sale of Farm Assets

[zigzywno]

I sold a couple pieces of equipment that had not yet fully depreciated. I see nothing in TurboTax that concerns this. I type 'sale of asset' into the search and it takes me to a list of uncommon property sale scenarios. How do I record the sales?

[ThomasM125]

You need to update the asset entry and indicate that is was sold on the screen that says Tell Us More About This Asset/Large Purchase:

You find the Business Assets option when you go into your business entries, on the screen that says Your (name of business) Business:

After you indicate that you sold the asset, you will see a screen where you can enter the sales proceeds and other pertinent information.

[zigzywno]

Thanks for your reply, @ThomasM125. This is all that is shown for an asset entry. FYI, this is Schedule F. Not Schedule C.

[ThomasM125]

You may need to enter "sale of business property" to find the jump to link to that section, as it looks like you may be on a Mac computer? You can learn more here.

[zigzywno]

Thank you. I guess I was initially on the right track when I reached the page with the "uncommon" property sale scenarios. Do I now go back to my assets list and simply delete the ones I sold?