I filed my S corporation taxes 1120S with the sale of my business allocation (Inventory, Assets, Allocation to Non Compete, and Goodwill) as agreed to in the sale. I am now doing my personal tax return and it is asking the sales price and price allocation. My first question is wasn't this already reported on my S corporation tax return? Also, if not, my husband and I own the business 50/50 so do I split the purchase price and cost allocation by 50/50?
Sales Price was: $275,000 so $137,500 each?
THANK YOU For your help.
