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Get your taxes done using TurboTax
You will dispose of your assets in TurboTax Business by going to the Federal tab, Income, and then Dispose of Business Property and entering information for each asset sold:
The disposition of the assets will end up on Form 4797 and be reported on Form 1120S line 4. The disposition of the goodwill and intangibles will end up on Schedule D as a capital gain.
The intangible items would be recorded on Form 8594. Class VI would include intellectual property and non compete; goodwill would be recorded in Class VII. See this link: Asset Classes for Form 8594.
Form 8594 will be attached to the 1120S and the return will need to be mailed in. Ensure the 'Final Return' in H (1) is checked.
‎January 26, 2021
1:53 PM