DianeW777
Expert Alumni

Business & farm

You simply enter a date that is longer than one year.  If, as in many cases, you actually created the goodwill that created this saleable asset, in your business, it actually begins on the date you began business operations. As long as you get long term treatment, the date can be any date that represents more than one year from the sales date (one year plus one day).  Then TurboTax will know to treat it as a long term transaction, providing special capital gain tax rates.

 

This will eliminate you forcing any section on Form 4797.

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