Tax Year Prior to 2020: Sold our business and have no idea how to report it in Turbo Tax.

[WKins2]

What kind of business did you sell, a corporation, a partnership, was it a stock sale, an asset sale? If you can provide more of what kind of sale it was, someone will be able to guide you in how to enter it. 

[Carl]

DUPLICATE POST.

You only need to post once. Multiple posts seeking the same information will not get a response any faster. Original at https://ttlc.intuit.com/community/business-taxes/discussion/we-sold-our-business-in-2019-but-it-does...

[David102]

We sold our Bed and Breakfast in June.  The b&b was an S Corporation.  I am unsure how to incorporate the sales price (fixed assets and goodwill) into turbotax.

[AmyC]

If you are in the correct program, the IRS Sale of a Business says:

The buyer's consideration is the cost of the assets acquired. The seller's consideration is the amount realized (money plus the fair market value of property received) from the sale of assets.

The goodwill is the difference then between the value of the assets and the price paid. Enter it in as such.

Turbo tax business can be found by following this business link.  You need to prepare your S corporation first. That is where you report the sale. The program will walk you through.

@David102