I sold my business do I need to fill out form 4797 as well as form 8594?

[leuvo]

I sold my business basically for the cost of the equipment. A meager $1000. Do I need to claim all of that on form 4797? or all of it on form 8594? or all of it on both or divide it up between the two and say that $500 was for physical equipment and $500 was for intangibles (recipes and processes)? 

Is there anyway to file online and submit form 8594 separately? or do I just need to submit the entirely of my tax filling in paper snail mail and wait a long time to get my return?

Thanks

[RobertB4444]

You can enter the business as a sale of the fixed assets.  

Go to the assets and enter the that all of them were disposed of through a sale.  Divide that $1000 up between them.  

(If the assets are fully depreciated then the $1000 is regular income.  If they aren't it is probably STILL regular income.)  

Then file the return.  All of your assets are removed and then next year you just delete the schedule C from the return.  

[Rick19744]

The technically correct answer is "yes".

Both the buyer and seller should include with their respective tax returns.

I don't see that this form is supported in TT.

@RobertB4444 can you address whether this form is supported and can the return still be electronically filed?