Sold Business in July .. should I change Calendar Year to Short Year

Forum|Forum|3 years ago
February 4, 2023
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I tried Changing to short year but when I enter that I sold a vehicle it calculates a full year's depreciation when determining gain ... doesn't make sense?

Form 8594 is required - why doesn't Turbotax ask questions on the sale of a business so it imports the required forms? Can someone provide a step by step procedure so I don't miss anything? Thank you!

TurboTax Business Windows

BrittanyS

You can enter that your business was sold in TurboTax. To do this, you can follow these steps:

At the beginning of the business section, select "I sold or otherwise disposed of this business.
You will enter all sales and expenses even if the amounts are all zero.
On the Business Assets section, if any assets are listed there, you must show your disposition of each asset individually. For each asset, you will indicate that YES, you DID STOP USING this asset in 2022. Report whether it was sold, removed for personal use, given away, stolen, or destroyed.
Next, you will start the vehicle section to show the disposition of the vehicle. Indicate if the car was sold or removed for personal use.
Indicate this will be the last year filing for the business.

How you answer the questions will indicate which forms are filled out and included with the return.

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