Hi,
We sold our LLC partnership for 150k The proceeds are allocated among
Furniture and fixtures 10k (which are partially depreciated)
Goodwill 20k (which is also partially amortized)
Leasehold imp 5k (nothing listed on our previous returns)
Tradename 5k (no asset listed on our prior return)
Covenant not to compete 20k
Inventory 5k
The rest is not allocated to any certain items and just a part of the purchase price.
It is an installment sale over 3 years and in the first year only the deposit of 10k and another 10k was rec'd. The rest will be received this year and next year.
QUESTIONS...
Where do I report the sale?
Do I report any on my business return since the assets are listed there? Or do I report on my personal return?
Do I need to report each asset separately?
I am marking "final" on our business tax return so I am confused if I have to report there?
HELP!! and THANK YOU!
