Im a new business owner and bought the business in June of 2018 it is a Gift shop with some consignment. Do I need a form 8594?
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Probably. According to the IRS:
Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale if goodwill or going concern value attaches, or could attach, to such assets and if the purchaser's basis in the assets is determined only by the amount paid for the assets.
So, if you paid the seller more than actual value of the physical assets you purchased (i.e. goodwill) then you need to file Form 8594.
Probably. According to the IRS:
Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale if goodwill or going concern value attaches, or could attach, to such assets and if the purchaser's basis in the assets is determined only by the amount paid for the assets.
So, if you paid the seller more than actual value of the physical assets you purchased (i.e. goodwill) then you need to file Form 8594.
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