Business & farm

@saycanyouc 

 

First I highly recommend you seek local professional assistance for this tax year so you do it correctly ...

 

The class IV items are consumables, parts and instruments that constantly turn over in the provision of those services.  Then this is simply reported as income to the business. 

 

 

The class V items are heavy equipment and furnishings that have been 100% depreciated.  If these are fully depreciated then if you still have the listed as assets in the program you will sell them off in the asset section ... if not you can either re enter it as an asset or use the sale of business property later in the interview. 

 

The class VI, VII is goodwill.   You did not mention these categories in the original post ... if you have goodwill which has not been listed as an asset in the past then you report this portion of the sale in the sale of business property as already mentioned.