Question

I'm using the Short Form and we sold our business in January of 2020. Where, in TurboTax do I record the basis, sale price, and amount still owed at the end of 2020?

Forum|Forum|5 years ago
February 5, 2021
1 reply
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TurboTax Premier Online

If you sold a Sole Proprietorship, you would enter it in Sales Of Business Property.

You may need to upgrade to Self-Employed. You can type the term in the SEARCH box in the upper right hand corner of the program and then click the "Jump to" link.

If you have Home and Business program, please see this LINK.

E

etraubAuthor

Thanks sos much, Coleen, for your response.

I'm afraid I left out the important point that our business was not a sole proprietorship but was a SubS corp. I'm pestering my accountant for our 1020S because I believe that provides us with the information for our basis. But the rest comprises my question: Where do I put that data in TurboTax?