Solved: Where do I enter sale of business only minus any real estate?
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djc7
New Member

Where do I enter sale of business only minus any real estate?

I sold my business in October of 2017 but did not sell any real estate along with it, just the business name, inventory, tools and one vehicle.  Where do I enter that on my 2017 return?

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Accepted Solutions
DianeW
Expert Alumni

Where do I enter sale of business only minus any real estate?

Inventory is handled on the business schedule and the portion of the selling price that was for inventory is entered as income on the Schedule C. Your ending inventory will be zero.

The tools and vehicle if they were listed as assets, will be handled in the asset section of your return by selecting the check box that they were sold in 2017 (see the image attached to enlarge and view for assistance).

The business name will be entered under sale of business property assuming this was not an asset you had on depreciation from a prior purchase (if you had acquired the business and paid for the business name).  If you created the name then most likely there is no cost basis.  If the tools are not listed as depreciable assets on your business schedule, they would be listed her as well with a zero cost basis assuming you deducted the full cost on your business.

  1. Select the Business Profile to indicate the business has been sold.
  2. Vehicle & Tools: Search for sale of assets, self-employed business > Jump to sale of assets, self-employed business (may have to select Business Vehicle under Business Expenses)
  3. Business name: Search for sale of business property  Jump to sale of business property
  4. Continue to enter your sales of all the business property.
  5. Be sure to mark all assets sold for this business.
  6. Click on the images attached to enlarge and view for assistance.

View solution in original post

1 Reply
DianeW
Expert Alumni

Where do I enter sale of business only minus any real estate?

Inventory is handled on the business schedule and the portion of the selling price that was for inventory is entered as income on the Schedule C. Your ending inventory will be zero.

The tools and vehicle if they were listed as assets, will be handled in the asset section of your return by selecting the check box that they were sold in 2017 (see the image attached to enlarge and view for assistance).

The business name will be entered under sale of business property assuming this was not an asset you had on depreciation from a prior purchase (if you had acquired the business and paid for the business name).  If you created the name then most likely there is no cost basis.  If the tools are not listed as depreciable assets on your business schedule, they would be listed her as well with a zero cost basis assuming you deducted the full cost on your business.

  1. Select the Business Profile to indicate the business has been sold.
  2. Vehicle & Tools: Search for sale of assets, self-employed business > Jump to sale of assets, self-employed business (may have to select Business Vehicle under Business Expenses)
  3. Business name: Search for sale of business property  Jump to sale of business property
  4. Continue to enter your sales of all the business property.
  5. Be sure to mark all assets sold for this business.
  6. Click on the images attached to enlarge and view for assistance.

View solution in original post

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