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How do you record the sale of a non-depreciated business asset, Farm land in this case, in Pro-Series? When I record it as an asset and asset type is X (non-depreciated asset), then It won’t let me put in any dates or sales price of the asset.
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I tested this also on a Schedule C asset. got the same message.. This may be a workaround.. click on
Forms > Select Form > type in 4797 > call up 4797 > Quick Zooom to 4797, Part III > enter info there
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Does classifying the asset as "Other" work?
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SCHEDULE D item
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The top of page one of the 4797 has a spot to enter random stuff (just above line 1a). You can enter information there.
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@SethDean You should use asset type other, and fill in asset price, and value of land (will be same as asset price) Then scroll down and fill in disposition, date, sale price under land, the program will do the rest (fill out the 4797)