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New Member
posted Jan 30, 2023 4:19:31 PM

I tried to remove an old iPad from my Assets, and now TurboTax is saying I have Sales of Business Property worth $11,650. I tried calling but TurboTax hung up on me.

I tried deleting Tax form 4797 and it keeps saying success, but the form and the ridiculous number remains. Do I have any option other than just wiping everything and starting over?

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1 Replies
Expert Alumni
Jan 31, 2023 11:24:30 AM

Yes, you can review the interview section about the iPad and change your answers. 

 

Here is how to do that:

  1. Select Federal on the left side menu.
  2. Under  Wages & Income, find Self-employment income and expenses.
  3. Select Review or Edit to the right.
  4. On the screen titled, Your 2022 self-employed work summary, select Review to the right of your self-employment entry.
  5. Scroll down to Expenses. 
  6. Select Edit to the right of Assets
  7. On the screen Do you want to go directly to your asset summary?, answer Yes and click Continue.
  8. Click Delete to the right of the entry for your iPad. Delete will remove the asset from your business completely. 
  9. Confirm that you want to delete the asset.

 

If you need to report that you used this asset for part of 2022, re-enter the iPad and be very careful how you answer the questions about disposing of the asset. If you sold the asset rather than just stopped using it, you may have a taxable gain.