I sold a tractor in May of 2016? Where do I enter this as farm income?

[Cattlerancher · Accepted solution]

If you sold a tractor that is a depreciating asset in your Farm Business, you will Edit this asset in your Farm Asset Summary to report the sale. Once you have done this, TurboTax will place the income in the correct forms for you automatically. Please see page snip below;

If this tractor has not been entered as an asset in your Farm Business, you would report this sale under Sale of Business Property in TurboTax. Please see second page snip below;