ColeenD3
Expert Alumni

Business & farm

You would include the sale in Sale of Business Property. 

 

Per the IRS, The purpose of filing the form is "Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale if goodwill or going concern value attaches, or could attach, to such assets and if the purchaser's basis in the assets is determined only by the amount paid for the assets."

 

This form is not available for electronic filing, so you will have to mail in your return.

 

Form 8594

 

To report the sale, follow these steps:

 

1) Wages and Income

2) Other Business Situations

3) Sale of Business Property

4) Other Property Sales

5) Select Sales of Business or Rental Property that you haven't already reported

 

 

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