I know seller and buyer must file matching Form 8594, but where does buyer include the purchase/goodwill amount on the 1040. Turbo Tax didn't ask me if I bought a business in 2018; only asked if sold anything.
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The purchase of goodwill is a capital asset and is subject to amortization. The goodwill is not a line item pre se on Sch C, F, or E. But it becomes a line item on an amortization schedule. The amount of allowable amortization ends up as a deduction on whichever business schedule you are filing. Similarly as other depreciable assets.
For more information
https://www.irs.gov/forms-pubs/about-publication-946
https://taxmap.irs.gov/taxmap/pubs/p535-043.htm#TXMP6e8ac07c
I'm not familiar with TT itself, but I think when start; say a Sch C, there is a question about whether you started the business this year or are continuing a business.
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