- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
First, you and the buyer must allocate sales price to the different assets. See this web site from IRS and F8594 and instructions.
https://www.irs.gov/forms-pubs/about-form-8594
Second, of the items you mentioned, some will be ordinary income, and some may be capital gains. Here is a link to Publication 544, Sales and other dispositions of Assets.
https://www.irs.gov/publications/p544
It is possible that you may have to file Sch D; Form 4797, Form 8949.
The LLC, is that a disregarded entity? C Corporation? S corporation, partnership?
If not a disregarded entity, it is the entity that will report the sale...and if a partnership or S corporation, will flow-through to your F1040.
**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
May 18, 2020
5:09 PM