Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

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

cancel
Showing results for 
Search instead for 
Did you mean: 
hutchison-richar
New Member

Where do I report income from a sale of personal goodwill?

As part of an S corporation stock sale, I also sold personal goodwill.  Where are the proceeds from the Goodwill sale recorded and reported?  

4 Replies
IreneS
Intuit Alumni

Where do I report income from a sale of personal goodwill?

Is this on your personal return or on the S-Corp return?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
hutchison-richar
New Member

Where do I report income from a sale of personal goodwill?

Personal return.
IreneS
Intuit Alumni

Where do I report income from a sale of personal goodwill?

Did you sell the entire S-Corp or just some of the stock?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
IreneS
Intuit Alumni

Where do I report income from a sale of personal goodwill?

The sale of goodwill is really the sale of a business asset.  But since you don't have a business listed in your 1040 (Sch C or Sch E), you can enter the sale of goodwill (an intangible) as the sale of an investment.  Report the sale in TurboTax, using these steps:

  1. Click on Federal > Wages & Income
  2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  [See Screenshot #1, below.]
  3. If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link.  [Screenshot #2]
  4. If you haven't already entered some investment sales, you will see a screen Did you sell any investments in 2017?  Click the Yes box.
  5. On the screen, Choose the type of investment you sold, mark the button for Everything else and click Continue[Screenshot #3]
  6. On the next screen, Some Basic Info About This Sale, enter the sale information.  Be sure to enter the NET proceeds.  [Screenshot #4]
  7. Continue through the screens, entering the requested information.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v