@wjsgr wrote:
I purchased a business last May for $50,000; $21,283 of that price was for the previous business' inventory and the remaining $28,717 was goodwill.
You will need to file Form 8594 with your tax return.
The last I checked, the personal versions of TurboTax do not include that form in which you won't be able to prepare it TurboTax and e-file; however, perhaps that has changed in the last few years.
