If I sold my lawncare business in 2016 as an asset sale where would i reflect that on turbo tax deluxe?

[massari]

Also, do i have to record the gain in 2016 or can i wait a year to reinvest? I have the list of assets.

[MichaelL1 · Accepted solution]

First thing to do is take the total sales price you received, and then allocate it to all the assets sold.

Then you will go to the Asset/Depreciation schedule and list the asset as sold and enter the sales price for each asset.  So this is all completed in the Sch C area. 

What you are eluding to is a "like kind" exchange on deferring reporting that gain on the sale.  This transaction does not qualify for that and needs to be reported in 2016 (year of sale).  

A Like-kind exchange you have to set up ahead of time and identify the assets purchased, and can be somewhat complicated.  It cannot be done after the fact.