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chrissowers
New Member

Where do show the sale of a business?

I need to show that I sold my business. I also need to expense the rest of the goodwill cost in association with the sale.
1 Best answer

Accepted Solutions
SusanH
New Member

Where do show the sale of a business?

The sale of a business is comprised of the sale of individual physical assets (if any) and the sale of intangible assets such as goodwill. You will need to tell TurboTax you've sold the business and then record the sale of any assets or goodwill.


To tell TurboTax you've sold the business

  • Go into business income and expenses and edit your business.
  • Click on update your Business Profile
  • Scroll down to Disposed of Business in Current Year and click edit
  • Indicate that you sold your business in 2015


To record the sale/disposition of goodwill and any other assets

  • Regarding the Goodwill that was previously entered as an asset in a prior year;
  • Edit the asset and at ‘Tell Us About This Asset’, indicate the item was sold, retired etc and enter the date you sold your business.
  • At ‘Enter Asset Sale Information’ enter the Sales Price (if any) that was allocated towards Goodwill. If none was allocated towards Goodwill, enter zero.

 

You may also wish to review TurboTax Tips on Closing a Business

View solution in original post

2 Replies
SusanH
New Member

Where do show the sale of a business?

The sale of a business is comprised of the sale of individual physical assets (if any) and the sale of intangible assets such as goodwill. You will need to tell TurboTax you've sold the business and then record the sale of any assets or goodwill.


To tell TurboTax you've sold the business

  • Go into business income and expenses and edit your business.
  • Click on update your Business Profile
  • Scroll down to Disposed of Business in Current Year and click edit
  • Indicate that you sold your business in 2015


To record the sale/disposition of goodwill and any other assets

  • Regarding the Goodwill that was previously entered as an asset in a prior year;
  • Edit the asset and at ‘Tell Us About This Asset’, indicate the item was sold, retired etc and enter the date you sold your business.
  • At ‘Enter Asset Sale Information’ enter the Sales Price (if any) that was allocated towards Goodwill. If none was allocated towards Goodwill, enter zero.

 

You may also wish to review TurboTax Tips on Closing a Business

View solution in original post

kdcolwell
New Member

Where do show the sale of a business?

Than you

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