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?
You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
msatterwhi009
New Member
jackofallstuff
Level 1
dbow58
Returning Member
jastilley
Returning Member
David2024
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.