The correct way to report the sale of business assets is to compute the sale separately from expenses. You deduct expenses as expenses, full amount.
When selling a business asset:
- Yes - Edit the item as sold/disposed in the Asset Summary list, BUT
- No - You do not need to include the sale price as income elsewhere.
Just enter the information on the sale and TurboTax will calculate any gain/loss and include it on Form 4797 for your business.
Expenses should be deducted separate from the sale of asset unless a sales expense.
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