I owned a small healthcare practice for the past 16 years. Single-member LLC. I sold the practice to a new practitioner in 2024. The purchase agreement only included the tangible office equipment/furnishings and intangible "goodwill." The purchase agreement did include a non-compete clause if that is of importance, although there was not a monetary value put on that clause. For 16 years, I just filed a Schedule C for the business. The equipment and furnishings were 8 to 16 years old, nothing new. All equipment and furnishings were just paid off the year they were bought, not depreciated. The purchase agreement delineated a certain amount, let's say $5,000 for Class V tangible assets (the equipment and furnishings) and let's say $20,000 Class VI and VII (intangibles, goodwill of going concern, etc.). Where are these figures entered in TurboTax? Does it matter that the Class V tangibles were sold at the same cost they were purchased at? Meaning, there was no "profit" on the tangible equipment/furnishings. For example, if a file cabinet was bought at $50 ten years ago, it was listed for $50 on the asset list and sold for $50. The buyer agreed to purchasing all the equipment/furnishings at their original cost because they were all in perfect working order and could continued to be used for years to come.
