Sale of a liquor license

[Mary LG]

Where in turbo tax do I enter the proceeds received from the sale of my liquor license?

[KrisD15]

If you are using TurboTax Home and Business

Enter that under

Business 

Less Common Business Situations

Sale of Business Property

Select "Sales of business or rental property"

Premier go to

Wages & Income

Business Items

Sale of Business Property

[Mary LG]

Did that but next page asks to choose options that don’t apply. Closest one is “non-real estate property that I took depreciation on.” (Did not take depreciation on the license) I am forced to choose one option.  Please advise.  Thank you!

[PatriciaV · Accepted solution]

Yes, enter this under Sale of Business Property, but don't enter it as a sale of a depreciable asset (choose "None of the above"). Continue past that option to the page "Sales of Other Business Property." The text on that page identifies items that aren't deprecated. Follow the interview to report the sale of the license. (Enter zero if you see a box for depreciation.)

@Mary LG