Entering a sale or disposition of assets in ProConnect Tax

In ProConnect Tax, a sale or disposition of assets can be entered in the Dispositions (Schedule D/4797/etc. screen) or the Depreciation screen.

To enter a sale in the Dispositions screen

1. Go to Input Return ⮕ then the Dispositions or Schedule D/4797/etc. screen depending on your tax type:
   • Individual: Income ⮕ Dispositions (Sch. D, etc.)
   • Partnership: Schedule K  ⮕ Dispositions
   • S-Corporation: Schedule K ⮕ Dispositions (D, 4797, etc.)
   • Corporate: Income ⮕ Dispositions (Sch. D/4797etc.)
   • Fiduciary: Income ⮕ Schedule D/4797/etc.
   • Exempt organization: Revenue ⮕ Dispositions
2. Enter the basic information for the sale:
   • Enter the Quantity (if applicable).
   • Enter the Description of Property.
   • Enter the Date Acquired.
   • Enter the Date Sold.
   • Enter the Sales Price.
   • Enter the Cost or Basis.
   • Click the Details button to expand the input screen to enter information such as Expense of sale.
   • Enter any additional information that applies to the disposition.
   • Next, scroll down to the Form 4797 section (if applicable).
   • Enter a "-1" or an amount in the field, Depreciation Allowed (-1 = None, Triggers 4797) (if applicable).

To enter a sale in the Depreciation screen

1. Go to Input Return  ⮕ Depreciation (4562) screen for your tax type:
   • Individual: Deductions ⮕ Depreciation
   • Partnership: Ordinary Income ⮕ Depreciation (4562)
   • Corporation: Deductions ⮕ Depreciation
   • S-Corporation: Ordinary Income ⮕ Depreciation (4562)
   • Fiduciary: Deductions ⮕ Depreciation
   • Exempt organization: Expenses ⮕ Depreciation
2. Enter the information for the asset:
   • Enter the Description of Property.
   • Select the Form from the drop down menu.
   • Select the Activity name or number from the drop down menu.
   • Select the Category from the drop down menu.
   • Enter the Date placed in service.
   • Enter the Cost or Basis.
   • Enter the Current Section 179 (if applicable).
   • Select the Method from the drop down menu.
   • Next, click the Details button to expand the input screen.
   • Locate the Federal Depreciation section.
   • Scroll down and Locate the Regular Depreciation subsection.
   • Enter any Prior depreciation/amortization.
   • Complete any other applicable information about the asset.
3. Scroll down to the General Disposition Information section
   • Enter the Date sold (MANDATORY).
   • Enter the Expenses of sale (if applicable).
   • Scroll down to the Sale of Asset (4797/6252) section.
   • Enter the Sales price.
   • Enter any other information that applies to the sale.