The sale should be shown on Form 4797 because that is where it belongs due to the rental use of the multi-unit. Follow the steps provided earlier so that your sale falls to the 4797 first. From there it could land on Schedule D or directly on Form 1040, depending on gain and/or loss. Posted below for your convenience.
Sale of Business Property:
- Income and Expenses at the top
- Scroll down to Other Business Situations
- For TurboTax Desktop: Business Income and Expenses > Less Common Business Situations
- Select Sale of Business Property
- Select Sales of business or rental property that you haven't already reported.
- Answer 'Yes' to Do all of the following apply...?
- Enter your sales information:
- Description of the Property (Machine Type)
- Sales Price/Sales Expenses
- Date acquired and date sold
- Cost
- Depreciation
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