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Deductions & credits
Yes, you need to report the sale of your business asset. If it's fully depreciated, then your basis is zero and the entire sale amount (less sales expenses) will be your taxable gain. This is reported under the Sale of Business Assets section of TurboTax.
The easiest way to find any section of TurboTax is to open your return and use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in the topic you need, hit Enter, and click the "jump to" link to go directly to beginning of that topic.
Or go to the left column in TurboTax Online and click on Tax Tools >> Tools >> Topic Search. Type in your topic, then click the topic in the list to go directly to the start of that section.
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‎January 25, 2024
5:40 AM
3,970 Views