Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
L
LW67
February 1, 2023
Question

Turbo Tax Business not allowing me to enter sale of business property on form 4797. I am an active trader using Market-to-Market Accounting. How do I enter the sale of business property for my trading profit/loss??

  • February 1, 2023
  • 3 replies
  • 0 views

I am filing a 1065 LLC return

3 replies

A
Anonymous_
Employee
February 1, 2023

Did you sell an asset that you used in your business (i.e., not securities trades)?

 

If so, click the Start or Update button in section shown in the screenshot below.

 

Untitled.png

    A
    Anonymous_
    Employee
    February 1, 2023
    @LW67 wrote:

    I am filing a 1065 LLC return

    Understood, but are you certain that you are preparing the correct return? 

     

    A multi-member LLC defaults to partnership treatment so do you have another member other than yourself?

      A
      AbrahamT
      February 1, 2023

      I'm still not sure where you are stuck. Start as follows;

      On the top, click on Income/ then scroll down to the bottom to Business Property/Asset disposals like this

      then to next screen like this

      Keep going and see where you this takes you. 

      **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
      A
      Anonymous_
      Employee
      February 1, 2023

      @LW67 appears to be using TurboTax Business, so the screenshots in the first response are relevant.

       

      However, it is unclear if TurboTax Business is the correct product, and it is certainly not if this is a single-member LLC without an election to be treated as a corporation for federal income tax purposes.

        A
        AbrahamT
        February 1, 2023

        I think he means 1065 barebone 1065. He adds the LLC not to say that he's a single member LLC only to describe that he's operating as a partnership.

        **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
        TurboTax Sign In Widget
        TurboTax flag icon

        Unlock tailored help options in your account

        Create an account
        TurboTax Expert Assist
        TurboTax Expert

        Get answers to all your tax questions

        Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

        Terms & ConditionsAccessibility statement
        Intuit
        TurboTax Credit Karma QuickBooks MailChimp

        ©1997-2022 Intuit, Inc. All rights reserved.
        Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
        of Intuit Inc. Terms and conditions, features, support, pricing, and service options
        subject to change without notice.

        Security Certification of the TurboTax Online application has been performed by
        C-Level Security.

        By accessing and using this page you agree to the Terms of Use.

        Accessibility

        TRUSTe nResult Certified e-File C-Level Security Certification