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I sold my business last year. Which form do I use?

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I sold my business last year. Which form do I use?

If depends what type of business you sold. You'll need to report a final year return for the business and report all of the assets as sold. You'll need to allocate your sale price based on the value of your various assets.  Form 4797, schedule D, or other necessary forms, will be completed automatically by the software as applicable for your situation. 

  • If it was a self-employed business or a single member LLC, which was taxed as self-employed (default selection), reported with your personal tax form on a schedule C than you should complete schedule C again this year.  You can use TurboTax Self-Employed (online edition) or TurboTax Home and Business (desktop edition). Find these editions here: https://turbotax.intuit.com/personal-taxes/online/
  • If it was another type of business (partnershipS-corporation, or corporation) than you'll need to report the related business return (10651120-S, or 1020, respectively). You can complete either of these forms using TurboTax Business which only comes as a desktop software for Windows. Note you will still need a personal TurboTax edition for your personal income tax return. The small business software is here: https://turbotax.intuit.com/small-business-taxes/
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