topic Turbo Tax Business not allowing me to enter sale of business property on form 4797. I am an active trader using Market-to-Market Accounting. How do I enter the sale of business property for my trading profit/loss?? in Business & farm

Turbo Tax Business not allowing me to enter sale of business property on form 4797. I am an active trader using Market-to-Market Accounting. How do I enter the sale of business property for my trading profit/loss??

LW67 — Mon, 23 Feb 2026 13:42:13 GMT

I am filing a 1065 LLC return

Re: Turbo Tax Business not allowing me to enter sale of business property on form 4797. I am an active trader using Market-to-Market Accounting. How do I enter the sale of business property for my trading profit/loss??

Anonymous_ — Wed, 01 Feb 2023 16:35:20 GMT

Did you sell an asset that you used in your business (i.e., not securities trades)?

If so, click the Start or Update button in section shown in the screenshot below.

Re: Turbo Tax Business not allowing me to enter sale of business property on form 4797. I am an active trader using Market-to-Market Accounting. How do I enter the sale of business property for my trading profit/loss??

Anonymous_ — Wed, 01 Feb 2023 16:37:40 GMT

@LW67 wrote:

I am filing a 1065 LLC return

Understood, but are you certain that you are preparing the correct return?

A multi-member LLC defaults to partnership treatment so do you have another member other than yourself?

Re: Turbo Tax Business not allowing me to enter sale of business property on form 4797. I am an a...

AbrahamT — Wed, 01 Feb 2023 17:24:16 GMT

I'm still not sure where you are stuck. Start as follows;

On the top, click on Income/ then scroll down to the bottom to Business Property/Asset disposals like this

then to next screen like this

Keep going and see where you this takes you.

Re: Turbo Tax Business not allowing me to enter sale of business property on form 4797. I am an a...

Anonymous_ — Wed, 01 Feb 2023 17:40:04 GMT

@LW67 appears to be using TurboTax Business, so the screenshots in the first response are relevant.

However, it is unclear if TurboTax Business is the correct product, and it is certainly not if this is a single-member LLC without an election to be treated as a corporation for federal income tax purposes.

Re: Turbo Tax Business not allowing me to enter sale of business property on form 4797. I am an a...

AbrahamT — Wed, 01 Feb 2023 17:57:34 GMT

I think he means 1065 barebone 1065. He adds the LLC not to say that he's a single member LLC only to describe that he's operating as a partnership.

Re: Turbo Tax Business not allowing me to enter sale of business property on form 4797. I am an a...

Anonymous_ — Wed, 01 Feb 2023 18:12:57 GMT

I agree, but am not sure about @LW67's actual status since it would be somewhat unusual for an "active trader using Market-to-Market Accounting" to be operating as a partnership/multi-member LLC (although it is, of course, a possibility).