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Business & farm
If you are in the correct program, the IRS Sale of a Business says:
The buyer's consideration is the cost of the assets acquired. The seller's consideration is the amount realized (money plus the fair market value of property received) from the sale of assets.
The goodwill is the difference then between the value of the assets and the price paid. Enter it in as such.
Turbo tax business can be found by following this business link. You need to prepare your S corporation first. That is where you report the sale. The program will walk you through.
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March 13, 2020
2:26 PM