Yes, you may report the sale of your business in TurboTax Premium Online.
If you have depreciated business assets, you will need to allocate the total sales proceeds among these assets. This is typically based on their adjusted tax basis, per the Depreciation Report. These sales are reported under Assets on the Expenses summary screen.
To report that you sold your business, open your return and go to Tax Tools in the left column. Choose Tools >> Topic Search. Enter Schedule C (or Schedule E for a rental business). Click the topic name and Go.
- Continue to the list of businesses/rental properties in your return.
- Select "add/edit" (pencil icon) beside the business you sold.
- Scroll down to business info and choose "edit" (pencil icon).
- Click "edit" under "Stopped work in 20XX."
- Check the box for "Yes, I stopped..."
- Continue to the page "Tell us if any of these situations apply."
- Check any boxes that are true. Continue.
- Under Expenses on the business summary page, edit each asset/vehicle and report a sale (for the allocated sales proceeds amount).
Note: The sale of goodwill or accounts receivable would be reported under "Sale of Business Property."
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