The type of business property being sold can impact the way in which the program calculates the tax. When asked the type of property, use the following guide from the IRS to make the correct election:
| Type of Property | Held 1 year or less | Held more than 1 year | |
| 1 | Depreciable tangible trade or business property: | ||
| a | Sold or exchanged at a gain | Part II | Part III (1245) |
| b | Sold or exchanged at a loss | Part II | Part I |
| 2 | Depreciable real trade or business property: | ||
| a | Sold or exchanged at a gain | Part II | Part III (1250) |
| b | Sold or exchanged at a loss | Part II | Part I |
| 3 | Farmland held less than 10 years upon which soil or water expenses were deducted | ||
| a | Sold at a gain | Part II | Part III (1252) |
| b | Sold at a loss | Part II | Part I |
| 4 | Real or tangible trade or business property which was deducted under the de minimis safe harbor | Part II | Part II |
| 5 | All other farmland used in trade or business | Part II | Part I |
| 6 | Disposition of cost-sharing payment property described in section 126 | Part II | Part III (1255) |
| 7 | Cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: | Held less than 24 months | Held 24 months or more |
| a | Sold at a gain | Part II | Part III (1245) |
| b | Sold at a loss | Part II | Part I |
| c | Raised cattle and horses sold at a gain | Part II | Part I |
| 8 | Livestock other than cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: | Held less than 12 months | Held 12 months or more |
| a | Sold at a gain | Part II | Part III (1245) |
| b | Sold at a loss | Part II | Part I |
| c | Raised livestock sold at a gain | Part II | Part I |