2283639
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Last year I sold my company assets and was issued Form 8594. Itseems like TurboTax does not support this form. What shall I do?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies
ToddL99
Expert Alumni

Last year I sold my company assets and was issued Form 8594. Itseems like TurboTax does not support this form. What shall I do?

Print and file your return by mail, and attach Form 8594 with the return.

 

Because few taxpayers need the following IRS forms, TurboTax doesn't include Form 8594 Asset Acquisition Statement Under Section 1060.

Last year I sold my company assets and was issued Form 8594. Itseems like TurboTax does not support this form. What shall I do?

OK, thank you, I can definitely file my mail, however where would I enter the information from the sale?

ToddL99
Expert Alumni

Last year I sold my company assets and was issued Form 8594. Itseems like TurboTax does not support this form. What shall I do?

Send the Form 8594  that was issued to you. If the form is incomplete, you should contact whoever prepared it for assistance (or a local CPA).

 

See Instructions for Form 8594 (12/2012)

 

Generally, attach Form 8594 to your income tax return for the year in which the sale date occurred.

 

If the amount allocated to any asset is increased or decreased after the year in which the sale occurs, the seller and/or purchaser (whoever is affected) must complete Parts I and III of Form 8594 and attach the form to the income tax return for the year in which the increase or decrease is taken into account.

 

Last year I sold my company assets and was issued Form 8594. Itseems like TurboTax does not support this form. What shall I do?

Yes, I will file by mail and include the form provided to me by the purchaser. I do believe that it was filled out correctly. I will report that I sold this business in my TurboTax process, however my concern is where do I need to report the amount in order to properly calculate the taxes? Sorry, I'm still not clear on this. 

 

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question