You should attach the Form 8594 Asset Acquisition statement to your business tax return when you file it. If you are using the TurboTax Business software to file a partnership or corporate return, you will find the form in the program so you can e-file it with the tax return. If you are filing a schedule C for sole-proprietorship income or single member LLC, you will need to print and mail your return as the Form 8594 is not available in the personal TurboTax programs.
You should enter the assets purchased by cost in the asset entry section of the program so they can be depreciated. Goodwill will be also be entered as a section 179 intangible asset and amortized over a period of fifteen years. You enter both of these in the year the business was purchased.
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