About dougdstoll

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Re: Selling a single owner LLC business, goodwill and tools

In trying to follow the instructions, i entered the total proceeds from the business sale on Sch C, which goes to Sch 1, line 9, and then on form 1040, line 7a....

dougdstoll

3

Updated May 04, 2021
Re: Selling a single owner LLC business, goodwill and tools

Do I enter the total value of the business sale on line 6 of schedule C?The business sale just included tools and goodwill, so I enter those valeus on form 8594...

dougdstoll

4

Updated May 04, 2021
Re: Selling a single owner LLC business, goodwill and tools

Thank you, that answer helps.So, it looks like I enter the value of the tools sold as Class 5, and the goodwill part as class 7, both on form 8594, which I need...

dougdstoll

5

Updated May 04, 2021

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Date Registered	‎March 22, 2020 6:10 PM
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