Question

Sale of Amortized Property

Forum|Forum|2 years ago
March 9, 2024
1 reply
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Using TurboTax Premium 2023 Online.

I am trying to report the sale of amortized Property. I asked the "Intuit Assistant" and the response was:

To report the sale of an amortized property in TurboTax Online Deluxe for the tax year 2023, please follow these steps:

1. Sign in to your TurboTax account and select the tax return you want to work on.
2. In the search bar, type "amortization" and select "Jump to Amortization."
3. Follow the prompts to enter the information about the amortized property you sold, including the date of sale, sale price, and the original cost of the property.
4. TurboTax will automatically calculate the gain or loss on the sale of the property based on the information you entered.

Problem: There is no Search Bar. I did find a seach box in the middle of the income section, but typing in amortization generated 0 results.

TurboTax Online

D

DianeW777

It depends. Depending on the business or rental activity you have an asset that is being amortized you will go directly to the asset.

Search > Type schedule C or rentals > Click the Jump to... link > Select Edit beside your activity > Edit or Update your amortizable asset
Once inside that asset, be sure to select 'The item was sold, retired, ... etc.', Enter the date of sale > Continue to enter your Sales Price and Sales Expenses
TurboTax will calculate the amortization for 2023 and enter the sale in the appropriate location.

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B

brianpgarwoodAuthor

It is schedule C.

Following your directions, I am stuck at "Edit or Update your amortizable asset"

That option does not exist on my screen. The only reference I can find for amortized costs is under Other miscellaneous expenses it states: "Your $[dollar amount] in amortized costs has already been added to your expenses."