I am wondering how to enter the sale of my service based business. I sold it in April of last year and it was an installment sale, meaning the owner is going to pay me over the next 2 years. Do I enter this under the "Sale of Business Property" section? There were no assets in the sale, as I owned no business property other than my tools, which I I wrote off in the year I purchased them. I started the business 7 years ago from nothing, so the purchase price was $0.
How do I enter this into TurboTax Home & Business 2023? Thanks for the help!
Read through the info at the link below.
https://www.thetaxadviser.com/issues/2014/may/payne-may2014.html
It's for a corporate sale but the goodwill part is applicable.
Also, if you have an installment sale you have reportable interest.
The sale itself is 100% capital gain since your basis is zero.
Read through the info at the link below.
https://www.thetaxadviser.com/issues/2014/may/payne-may2014.html
It's for a corporate sale but the goodwill part is applicable.
Also, if you have an installment sale you have reportable interest.
The sale itself is 100% capital gain since your basis is zero.
Where in Turbo Tax do I find where to enter the information so it goes on the right tax form?