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How to account for a deposit received in 2024 for the sale of a business in 2025?
I sold my business in 2025, but received a deposit check prior to the sale, and deposited that check in 2024. How do I account for the deposit amount received in 2024? Do I include the deposit amount as income for 2024? Are there capital gains to worry about? The sale includes equipment, outstanding contracts, and goodwill. I'm using Turbotax Business for an LLC Partnership.
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March 6, 2025
12:45 PM