The sale of a business is comprised of the sale of individual physical assets (if any) and the sale of intangible assets such as goodwill. You will need to tell TurboTax you've sold the business and then record the sale of any assets or goodwill.
To tell TurboTax you've sold the business
- Go into business income and expenses and edit your business.
- Click on update your Business
Profile
- Scroll down to Disposed
of Business in Current Year and click edit
- Indicate that you sold your business in 2015
To record the sale/disposition of goodwill and any other assets
- Regarding the Goodwill that was previously entered as an
asset in a prior year;
- Edit the asset and at ‘Tell Us About This Asset’, indicate
the item was sold, retired etc and enter the date you sold your business.
- At ‘Enter Asset Sale Information’ enter the Sales Price (if
any) that was allocated towards Goodwill. If none was allocated towards Goodwill,
enter zero.
You may also wish to review TurboTax
Tips on Closing a Business
