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Sold a business assest and want to know if I need to claim this sale money as general Income?

 
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PatriciaV
Expert Alumni

Sold a business assest and want to know if I need to claim this sale money as general Income?

No. The sale of a business asset is entered under Business Assets for Schedule C, not as general income.

This section is found the Business Summary page. First, enter your asset (if it is not already entered), and indicate that you sold/disposed of the asset this year (see screenshot below - click to enlarge). Later in the interview, you'll see questions about the sale where you may enter the proceeds, selling expenses, etc.

The actual sale will be reported on Form 4797 in your personal tax return.

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