Under the section: Sales of Business or Rental Property it says to be sure to compute the amounts of your sales price and the property's cost that relate to the business portion only.
The "business portion" in that sentence is blue underlined and links to the following On Demand Tax Guidance window:
If you used the asset 100% for this business, enter total amounts here. If you used the asset for any other purposes, you must allocate the total amount to the percentage of use for this business.
For example, if you used this asset an average of 75% for business over the course of your ownership, and you sold the asset for $1,000, you would allocate the net sales price as follows:$1,000 X 75% = $750
Allocate your cost or basis in the same manner.
Report the non-business percentage of the property separately as the sale of "other investment or personal use property."
Is doing this essentially 'separating the property, and where would I end up entering the 1099 info for the sale?
