Schedule c questions were answered for sale of business. Now trying to enter the amount for long term taxation of goodwill. When I select the window for sale of non depreciable assets and put in as capital asset it isn't recognizing the need for schedule D. There is no basis and all should be taxed at capital gains rates. A disposition worksheet has been completed with the sales amount and selling expense allocated to it. Should it be considered a capital asset? If so should it not flow through to Schedule D. My version of turbo tax is Home and Business 2017. Any help would be greatly appreciated.
You'll need to sign in or create an account to connect with an expert.
In the Sch C section, if you enter it as an asset then the sale will be reported on the form 4797 which is then carried to the Sch D ... it will not go there directly ... switch to the forms mode and look.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Mitch1
New Member
JWADE007
New Member
hnb0982
New Member
Username5
Level 4
mirandadspencer
New Member