Business Portion
If you used the asset 100% for this business, enter total amounts here. If you used the asset for any other purposes, you must allocate the total amount to the percentage of use for this business.
For example, if you used this asset 75% for this business and you sold the asset for $1,000, then you would allocate the sale price as follows:
Total sales price ($1,000) X business percentage (.75) = business portion ($750).
Allocate sales expenses in the same manner.
You must also report the sale of the other portion of the property in the appropriate section of the program.
If your business-use percentage of the asset varied during the course of your ownership, enter only the disposition date here. Report the sales information in another section of the program by selecting Topic List in the toolbar at the top of the screen. Scroll to the Income category, then choose the Other Income topic.
The time of ownership of the asset used for business purposes was 7% (1.5 years of 21 years). Do I then enter that percent of the sales figures here and then the balance in the "other income" category? I also do not understand the "enter only the disposition date here" instruction.
Thanks for your patience and assistance.
