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Get your taxes done using TurboTax
Did you ever figure this out? From what I’ve gathered from CPAs, it’s treated as ‘ordinary non passive income.’ So NOT put on installments. There is an example on irs site for the sale of a business using installment method, and you would include it only for your calculations (to figure out your gross profit %), then take it out and, this is where I am unsure of where it would go on a 1040 (or does it go on 1120s)? Do you know?
October 13, 2022
8:18 PM