Where do I input the sale of a sole proprietorship business? I ran a website for a few years and sold the website this year. How do I input the income as capital gains.

[glark2]

I inputted the income/expenses made monthly with the business, but how do I add in the lump sump payment I received for the sale of the business. I hit the button that asks if I sold or disposed of the business but there were no further questions to ask how much I sold the business for. 

I didn't receive any additional tax forms regarding the sale of the business.

[LeticiaF1]

To report the sale of a business, you might have to file three different forms:

Form 4797 Sales of Business Property is the form that will be used to report the sale of all the business assets and determine your capital gain or loss.  To do this in TurboTax:

1. Log in to your account
2. Go to Wages & Income
3. On the right side of Self-employment Income and Expenses, click Edit/Add
4. Edit Your Expenses
5. Edit You assets
6. On each asset you will have to mark that the asset was sold, the date sold, and the price it was sold for. 
7. The program will carry this information to your Form 4797. 
8. If you need to add any other transactions that did not involve the sell of your assets you can go again to Wages & Income
   1. Scroll down to Other Business Situations
   2. Select Start by Sale of Business Property

Form 8594 Asset Acquisition Statement is another form that must be filed by both the seller and the buyer, and it must be attached to your tax returns.  (This form is not supported by TurboTax).  For more information visit the IRS page Instructions for Form 8594

Schedule D must also be filed if you sold stock in a corporation.

The final payroll report must also be filed and you should also research your state's requirements for reporting the proceeds of a business sale.

Feel free to reach back if you have additional questions.