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Enter sale of non-inventory assets

  1. Select
    File
    ,
    Open
    , then select the client.
  2. Depending on the type of sale, select
    Income & Deductions
    ,
    Direct
    , or
    Rent & Royalty
     folder in the folders block, then select the
    Sale
     screen tab.
  3. Enter the
    Description
     of the sale.
  4. In the Sale Information section, enter the date acquired and sold, gross sales price or insurance proceeds received, cost or other basis, commissions and other expenses of sale, and depreciation allowed or allowable.
  5. In the Form 4797, Part III — Recapture section, enter the recapture information.
  6. Go to the Income Classification Information section.
  7. Select a
    Method of acquisition
     code.
  8. If the asset was used in an unrelated business activity:
    1. Mark the
      Unrelated business activity
       checkbox.
    2. Make sure that you assign the asset to an event or rental activity with an unrelated business activity code.
  9. Mark the
    Investment property
     checkbox if the asset was an investment property.
  10. If the property was an investment property, enter the following:
    1. The basis of the asset at the date of disposition.
    2. The fair market value of the asset if owned as of December 31, 1969.
    3. The adjusted basis of the asset if owned as of December 31, 1969.
  11. If you're reporting gains and losses from the sale of debt-financed property, use
    Highest level of debt
     and
    Average adjusted basis
     to enter the highest debt level in the last 12 months and basis information.
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