- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
Topics:
March 7, 2020
1:40 PM