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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:
- Within your tax return, on the Business tab and under Business Income and Expenses click I'll choose what I work on.
- Click Update for Profit or Loss from business.
- Click Edit for the business that has the 1099-K.
- Click Update for Business Income and Update for 1099-K Income.
- 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:
- Within your tax return, on the Business tab and under Business Income and Expenses click I'll choose what I work on.
- Scroll down to Sales of Business Property in the Less Common Business Situations and click Start.
- Choose the box for Sales of business or rental property that you haven't already reported.
- Click No (since you mentioned they are not depreciated assets) and Yes
- Enter the details for each asset sale
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‎February 17, 2023
3:11 PM