how do i know if business property is section 1245, 1250, 1252, 1254 or 1255?
We sold our business which included all of it's property. One item was a truck mounted carpet cleaning machine. i have entered all of the info: original cost, accumulated depreciation, etc.
When reviewing the return for errors, it asks me to check the box that applies to the property.
i don't know which one it is or where to find an explanation of each section to determine which box to check.