retailsys
New Member

I disposed of an asset (car) and Turbo Tax for Business said it would ask me later on where to place the income from sale. it diid not. I ahve l;ooked everyhwre and finally entered it in other incom,ce ikncome.

I was never prompted to enter the sale of the car other than assets disposal.  So I entered it under other Income.  Now it shows on the K-1 as a 1231 gain or loss . According to what I read I see that is fro real property not a sold vehicle.  The car was sold for less that the amount left on depreciation schedule.  Where should I enter the sale amount for that vehicle to report as income.