Disposing of equipment and material

[ld1915-yahoo-com]

Hi there.  I have a small business, and I've changed some of what I create and therefore have sold off a couple of printers, ink, and fabric I won't be using (along with other small items I previously used or purchased for the business).   All of these were claimed as expenses in previous tax years, but none of them were claimed under T2125 (the printers anyway as they were less than $400 each).   How do I account for the money I received for these items I've now sold?  I assume they don't count as a sale but I'm not sure where else to put the items.   Thank you so much.

[TurboTaxVeronique]

To be able to give you the proper information, can you please tell us which type of software you are using? Is it TurboTax Online or Desktop? 

And, you said small business, is it a incorporated business?

Thank you for choosing TurboTax.

[ld1915-yahoo-com]

I am a sole prop business making pet accessories.    I have changed some of the products I make so I no longer need some of the products & low cost equipment that I previously purchased to use in making some of those products ( eg fabric, printer, special ink).    Using the online turbo tax product, where do I include the money I received when I sold these products ?   Thank you 

[TurboTaxVeronique]

When you start your business tax profile, it will be important to select the proper category of business. In your situation, you should select Business (see screenshot).

During the creation process, you will have this question "Did you sell products that you bought or manufactured?". You have to answer YES, and an extra section will be generated on the same page to enter all the details.

Thank you for choosing TurboTax.