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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:
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.
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