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Business & farm
It does count as trade or business. Filing the Form 8594 is required when a business is sold, not everyone does it I'm afraid. Part of the requirements are as follows.
Most importantly is that both the buyer and seller must have the exact same information on Form 8594. Use the link to print the form and complete it. A second option would be e-file your tax return and then file an amended return attaching only that form.
Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale if:
- goodwill or going concern value attaches, or could attach, to such assets and
- the purchaser's basis in the assets is determined only by the amount paid for the assets.
When To File
Generally, attach Form 8594 to your income tax return for the year in which the sale date occurred.
If the amount allocated to any asset is increased or decreased after the year in which the sale occurs, the seller and/or purchaser (whoever is affected) must complete Parts I and III of Form 8594 and attach the form to the income tax return for the year in which the increase or decrease is taken into account.
It may have been good for you to have the breakdown for land, and laundry room with equipment. There is different tax treatment for the seller depending on the allocation of the sales proceeds and for you, the buyer, for expensing certain amounts for equipment.
It's up to you at this point if you want to pursue it or determine your own breakdowns.
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