To enter the sale of Business Property -
- Click on Federal Taxes
- Click on Wages & Income
- Click on I'll choose what I work on (if shown)
- Scroll down to Other Business Situations
- On Sale of Business Property click on the start or update button
Or enter sale of business property in the Search box located in the upper right of the program screen. Click on Jump to sale of business property
Need more detail.
Was this an empty lot that is zoned commercial? Maybe it's got a commercial use building on it that you sold? What did you do with this property prior to selling it? Was it business property that you used for your SCH C, 1065, 1120 or 1120-S business? Maybe you rented it out to someone else who used it for their business? Maybe what you're calling commercial, was really residential rental real estate?
The sale of rental property is reported in the SCH E section.
The sale of business property is reported in the section for "Sale of Business Property"
The sale of investment property is reported in the Investments section.
So the above matters for correct reporting.