I sold a business via an asset sale (C-Corp). This business has multiple assets that have been acquired over the last 20 years and have been reported on Turbo Tax. I have all of them accounted for and marked as sold via the Turbo Tax "Dispose of Business Property" portion. All are showing up with the gain or loss I expected on Form 4797.
Except one! This asset is the only asset that depreciates for 15 years, all the others are 5 or 7 years. When I go through the interview that asks me my sales price and expenses it tells me I have a gain and it is exactly what I am expecting, however, when I look at Form 4797 it shows a loss (not what I am expecting).
I feel like I must be missing a step somewhere, but don't know where. I tried to override the numbers on 4797 and Turbo Tax won't let me do that. The "Federal Asset Entry Worksheet" has all of the correct numbers.
