KGBKaren
Level 3
04-29-2024
08:41 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Trying to record sale of sched c biz. Have "sold" all the assets, but can't figure out how to record the goodwill. Have tried adding it as an asset and disposing, but proseries won't allow me to dispose an undepreciable asset. I can't add it directly to 4797. How do I do this?
Labels
TaxGuyBill
Level 15
04-29-2024
09:35 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I think it belongs on 8949/Schedule D.
On the Schedule C, look at line A (principal business). Above that are a bunch of "Quickzoom" buttons. Look at the top Quickzoom button.
If you want it on 4797, I think I would just categorize it as an Amortized Intangible.
Level 15
04-30-2024
07:53 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You can make direct entries on the 4797
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Accountant-Man
Level 13
05-01-2024
08:38 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Was it all paid at once or during one calendar year, or was it an installment sale for Form 6252?
** I'm still a champion... of the world! Even without The Lounge.