Follow-up:
- I understand not wanting to provide actual $$.
- You will have to provide input to the CPA as to how you accounted for the supplies; example if you just expensed them, then obviously there is no basis in that item so all will be gain - ordinary.
- Most businesses maintain a fixed asset detail of items as purchased which would include the cost, depreciation taken, etc. Once again, if all furniture has been fully depreciated, then you will have gain to the extent of prior depreciation. It is doubtful that you are now receiving an amount that exceeds original purchase price for these items. As a result, all will be gain - all ordinary depreciation recapture.
- The goodwill will automatically be LTCG based on how long you have been in business
- The non-compete will / should have been specified in the purchase contract; ie: a certain period of time
- Same for the consulting - ordinary as received.
- The above is just to give you a heads up that the CPA will ask you for details related to the items discussed above.
- Enjoy retirement
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
