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.
It matters what kind of business you sold. Sole proprietoship? Single member LLC? Multi-member LLC? Partnership? S-Corp? C-Corp? It also matters "EXACTLY" what you sold. Business real estate? Physical business assets? Good will? Patent's maybe?
I have the same question.
I owned a Franchise as an LLC, file as a partnership on 1065.
Sales agreement breaks out Inventory, Equipment and Goodwill and will be paid out over 42 months.
I have updated assets as sold and it flowed to Form 4797, added interest received this year as 'Other income', but how is the rest of the funds accounted for? I want to see if it makes sense to do an Installment sale or take the hit now, but not sure where to enter that.
Thanks
I'm getting nowhere trying to enter the sale of my sole propritorship small business. I indicated in "let's confirm your business info" that i sold it and that it was in 2019 and the answer to the three sale type questions was no, but i get no further prompts to enter the sale price or any other info. many of the answers related seem to show fields that do not come up in TT2019.