How do I enter the sale of my service business?

[PagosaPastor]

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!

[M-MTax · Accepted solution]

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.

[M-MTax · Accepted solution]

Also, if you have an installment sale you have reportable interest. 

The sale itself is 100% capital gain since your basis is zero.

[PagosaPastor]

Where in Turbo Tax do I find where to enter the information so it goes on the right tax form?

[M-MTax · Accepted solution]

https://ttlc.intuit.com/community/business-taxes/discussion/form-4797-or-form-8949-for-sale-of-busin...

[M-MTax · Accepted solution]

Goodwill can be reported on Form 8949 and Schedule D.