This was a hot water heater that cost $849 (not counting installation). I have depreciated $258 so far and then sold it for $400. I think I need to put it on a form 4797 but I am not sure where or how.
Yes, you will report the sale of the hot water heater on Form 4797.
In TurboTax enter "sale of business property" in the search box then click on "Jump to sale of business property"
Follow the screen prompts to enter your sale information.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
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