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nita-hwf
New Member

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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JamesG1
Expert Alumni

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?

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.

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