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Where can I enter the asset sold info in TurboTax Biz 2019

Hi, Need Help on the disposal of an asset in 2019.

 

I entered the asset cost base and date bought, etc. I can't find where I can enter the date of disposal and sold value, etc.  Turbo Tax says  "If you sold this asset in 2019, depreciation expense may change. We automatically adjust current year depreciation when you enter the asset sale information (after the depreciation interview)."  But it doesn't pop up on the screen and directly shows me the Asset Summary.

 

Thanks!

 

Roger

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1 Best answer

Accepted Solutions
Irene2805
Expert Alumni

Where can I enter the asset sold info in TurboTax Biz 2019

To enter the disposition of an asset in a business return, please follow these steps:

  1. In your return, click Federal Taxes > Income
  2. On the screen, Your Total Business Income, click the Start/Update box next to Business property/asset disposals. It may be under Items You Can Skip.  [In an S-Corp return, go to Dispose of Business Property.]
  3. Mark the Yes button to answer the question on disposing of assets in 2019.
  4. On the screen Select Disposed Asset, click the Select box next to the asset you've disposed of.
  5. Continue through the screens, enter the requested information.

If the asset was part of a rental property, enter the sale under Rental Real Estate.

 

View solution in original post

2 Replies
Irene2805
Expert Alumni

Where can I enter the asset sold info in TurboTax Biz 2019

To enter the disposition of an asset in a business return, please follow these steps:

  1. In your return, click Federal Taxes > Income
  2. On the screen, Your Total Business Income, click the Start/Update box next to Business property/asset disposals. It may be under Items You Can Skip.  [In an S-Corp return, go to Dispose of Business Property.]
  3. Mark the Yes button to answer the question on disposing of assets in 2019.
  4. On the screen Select Disposed Asset, click the Select box next to the asset you've disposed of.
  5. Continue through the screens, enter the requested information.

If the asset was part of a rental property, enter the sale under Rental Real Estate.

 

Where can I enter the asset sold info in TurboTax Biz 2019

Got it and done!  Thanks a lot!

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