AliciaP1
Expert Alumni

Get your taxes done using TurboTax

First, you will need to change the entry of your 1099-K to only report income not related to the asset sales.  If the entire 1099-K was for asset sales you will need to delete the form completely.

 

To do this in TurboTax Home & Business you can follow these steps:

  1. Within your tax return, on the Business tab and under Business Income and Expenses click I'll choose what I work on.
  2. Click Update for Profit or Loss from business.
  3. Click Edit for the business that has the 1099-K.
  4. Click Update for Business Income and Update for 1099-K Income.
  5. Click the trash can icon for the form and confirm the deletion.

To enter the sales of non-depreciated business assets in TurboTax Home & Business you can follow these steps:

  1. Within your tax return, on the Business tab and under Business Income and Expenses click I'll choose what I work on.
  2. Scroll down to Sales of Business Property in the Less Common Business Situations and click Start.
  3. Choose the box for Sales of business or rental property that you haven't already reported.
  4. Click No (since you mentioned they are not depreciated assets) and Yes
  5. Enter the details for each asset sale
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"