PatriciaV
Expert Alumni

Deductions & credits

Yes, you may report this as the Sale of Business Property or as an Investment Sale (both Schedule D). The first choice is for property used in a business; the second option is for non-business property held for investment.

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 My Account >> Tools >> Topic Search. Type in your topic, then click the topic in the list to go directly to the start of that section.

(If you are using the mobile app and don't have My Account or Tools on your screen, try logging into TurboTax from a laptop or desktop browser.)

Under either topic, follow the prompts to add a sale and enter the details for your transaction.

Note that the IRS defines the basis for Intangible Assets in Publication 551: Intangible Assets. You may wish to consult that reference to determine if you need to include some cost basis when you enter the sale.

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