Where can I deduct Good Will Impairment on TurboTax Business? We have closed the business, and I need to write down the good will value.
Did you previously enter this as a Section 197 intangible? How have you been treating the asset?
In TurboTax Business, generally, you would indicate that it was abandoned in the Business Property/Assets section (located under Dispose of Business Property).
It was entered at the start of the business 10 years ago under Good Will as an asset. The intangible value of what I paid for the business over the value of the equipment assets. It was never depreciated or amortized.
I cannot select it as an asset to be abandoned or otherwise disposed of. It does not show up anywhere in TurboTax. It was a balance sheet item in QuickBooks entered ten years ago as an adjusting entry during a business reorganization.
Your facts don't appear to be consistent:
- You indicate that it was recorded when you purchased the business
- In another response you indicate it was recorded when you had a reorganization
- These two items generally have different consequences. This may be semantics, but it is important to understand.
- What type of business entity are we dealing with