ThomasM125
Expert Alumni

Self employed

The sale of accounts receivable is ordinary income, the other assets you mention are depreciable business assets so the gain on them is treated as capital gain income except for the deprecation on them, which is taxed as ordinary income.

 

You need to edited each asset entry in TurboTax and assign a sale price to them, and TurboTax will make the necessary entries on form 4797 to report the gain or loss on sale. 

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