I filed my S corporation taxes 1120S with the sale of my business allocation (Inventory, Assets, Allocation to Non Compete, and Goodwill) as agreed to in the sale. I am now doing my personal tax return and it is asking the sales price and price allocation. My first question is wasn't this already reported on my S corporation tax return? Also, if not, my husband and I own the business 50/50 so do I split the purchase price and cost allocation by 50/50?
Sales Price was: $275,000 so $137,500 each?
THANK YOU For your help.
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On you corp's return, right, but all of that gets passed to you and your husband from your K1s
Thank you for your help! This is what shows on my Personal Home & Business Taxes when I go to enter my K1. I select that my business has been sold (complete disposition) and then they want my sales information like it is a sale of stock. The stock was not sold and I've already completed the different classes of the sale on my S corp. tax so would I not fill this out and just fill out my K1 Schedule. If I do fill it out, would I split the sales price with the my tax basis 50/50 with my spouse?
Thank you so much!
Also, my k1 box 17 clearly starts to refer to my Section 179 report so this isn’t a stock sale so I would skip that part & simply entered info found on my k1. Correct??
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