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Sale & disposal of depreciable assets upon close of business
I sold or disposed of my business assets listed on Form 4797. I also sold or disposed of other assets which were not listed.
- It appears that the Form 4797 Line 18b sold assets were transferred as income to the Form 1040 Schedule 1 Part I Line 4. Then with business income or loss (Line 9), transferred to Form 1040, Line 7a. Why does this income from sale of business assets NOT go to Schedule C as business income?
- Do I enter the sale of non-listed/non depreciated assets as Business Income on Schedule C line 1a.
- Why is there a difference in how these sales are handled and where they are reported?
Thanks.
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‎January 23, 2020
9:46 AM