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February 22, 2021
Question

Not able to enter sale of asset

  • February 22, 2021
  • 1 reply
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Is anyone else having problem entering sale of farm asset?  I have called  twice and it is under investagation.  

Asked if anything was sold, mark yes, then press continue and that is were it stops.

1 reply

February 25, 2021

In TurboTax Online Self-Employed, I was able to report the sale of farm equipment.  The asset must first be recorded as an asset at the asset summary. 

  • At Farm Summary, click Edit to the right of the farm activity.
  • At Your Farming Income and Expenses, scroll down to Farm Assets and click on Start / Update to the right.
  • At the screen Do you want to go directly to your asset summary?, click Continue.
  • At the screen Farm Asset Summary, click Edit to the right of the asset sold.
  • To report the sale of the asset, at the screen Tell Us More About This Farm Asset, click on The item was sold, retired, stolen, destroyed, disposed of, converted to personal use, traded in, or given away.
  • At the screen Tell Us More About This Farm Asset, I was able to enter the date of sale.  Click Continue.
  • At the screen Sales Information, I entered sales information.
  • Follow the questions in TurboTax to correctly report the sale or disposal of the asset.

The sale was reported on IRS Form 4797 Sales of Business Property.

 

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