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New Member
posted Apr 6, 2025 1:13:19 PM

Where do I enter capital gain or loss from sale of business property in 2023? I can take a $3000 deduction per year, but I don't see where to add it in TurboTax?

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1 Replies
Expert Alumni
Apr 6, 2025 1:28:18 PM

Capital gain or loss from sale of business property would be reported on TurboTax Premium Online.

 

In TurboTax Premium Online, Sale of Business Property may be found:

 

  • Down the left side of the screen, click Federal.
  • Down the left side of the screen, click Wages & Income.
  • Click to the right of Other Business Situations.
  • Click to the right of Sale of Business Property.

An IRS Form 4797 may be created from:

 

  • The Business Asset Summary under a Self-employment income and expenses, or 
  • Your Property Assets under a Rental properties and royalties,

Go to those summaries and report the business asset as sold, retired, disposed of, etc.