DawnC
Employee Tax Expert

Business & farm

Did you go through each asset on your Schedule F and indicate they were disposed of individually?   If you go through the Assets/Depreciation section for each item, it will ask about Sec 179 deductions taken prior to the disposal, see images below (the Self-Employed screens are the same).   TurboTax will transfer your gains to Form 4797 and each asset will have its own Disposition Report if you convert each asset to personal use individually.  

 

 The Self-Employed version is the highest level in the TurboTax Online suite, so no upgrade is needed.  Did you e-file (you will need to amend after your return is processed, if necessary) or File by Mail?   If you chose to file by mail and have not mailed your return, you can use the Add a State function and return to your Farm in TurboTax and dispose of the assets.  

 

 

 

 

 

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