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lkeener
Level 2

Good Will Impairment

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.

6 Replies
tagteam
Level 15

Good Will Impairment

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).

lkeener
Level 2

Good Will Impairment

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.

tagteam
Level 15

Good Will Impairment

It is still not clear as to exactly how it was entered (i.e., where in the program). Can you select the asset and mark it as abandoned or otherwise disposed of?

lkeener
Level 2

Good Will Impairment

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.

Rick19744
Level 12

Good Will Impairment

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
*A reminder that posts in a forum such as this do not constitute tax advice.*
Critter
Level 15

Good Will Impairment

What I am hearing is you reported an asset on your books but failed to enter it on any tax return as an asset so it was never amortized...correct ? 

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