DianeW777
Expert Alumni

Business & farm

Please see the answers below.

  1. Yes, goodwill can be reported on Form 8949 and Schedule D.
  2. It depends.  If these were not assets that would require depreciation then you can report capital assets held long term on Form 8949 and Schedule D.  If they were assets that were depreciable and they inadvertently were not included in the tax return correctly, the IRS tax law requires depreciation and it will be recaptured whether you used it or not (use it or lose it).
  3. I would recommend naming the assets individually and would not group them together for better identification should you need to know that later.
  4. No, TurboTax Business is not used for personal income tax returns, it is strictly business software.
    1. What types of business returns does TurboTax Business handle?

@Aloof 

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