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This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual

Sell a Schedule C business home office asset

Follow the steps to enter the sale of a Schedule C Home Office.
  1. Access the
    Asset
     tab under the
    Business
     folder.
  2. Open the Home Office asset and access the
    Disposal
     tab.
  3. Select
    Sold / Scrapped
     and enter the
    date disposed
    .
  4. Enter all applicable sale information, including gross proceeds, etc.
  5. When Step 4 is complete, select
    Done
    .
  6. Next, switch back to the
    Per Sale
     folder and the
    Home Screen
     will automatically be completed by UltraTax CS.
  7. If you meet the use and ownership test, mark the checkbox under the Exclusion Information section.
  8. Next, switch over to Forms View and review the Sale of Home Worksheets, located under the
    Home
     folder.
    The amount calculated on Line 11 of this worksheet will carry to Schedule D - Unrecaptured Section 1250 Gain Worksheet, which can be found under the
    D
     folder on the
    28% & Sec 1250 Wrk
     tab.

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