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Where to enter sale of business with goodwill allocation in Proconnect?

Level 1
I have client that sold business in 2019. The sale price mainly broke into two categories, Furniture and Equipment (FE), and Goodwill. I tried to find where to enter the goodwill portion. I think the FE should be entered in the "Dispositions (Sch D, etc.) but could seem to find where to enter the goodwill part.
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2 Comments 2
Level 15

Goodwill is a capital asset and would be sold in dispositions. 

F&E will be entered in dispositions, but should go to 4797. https://proconnect.intuit.com/community/form-8949/help/form-4797-input-for-sales-of-business-propert... possibly with IRC 179 recapture. 

Don't forget 8594 https://proconnect.intuit.com/community/banking/help/8594-generate-bulk-sale-asset-acquisition-state...


Here's wishing you many Happy Returns

Hi George, 

I have sold my business, there are various class of Assets as below which has tax basis and FMV,  I am unable to show the same in Proconnect as the same has to flow through Schdeule K. which is not happening, Kindly please help on this. I request. 

AccountAsset ClassTax Rate
CashClass I -   
Accounts ReceivableClass III53.25%
InventoryClass IV53.25%
Fixed Assets - Depreciation RecaptureClass V53.25%
Fixed Assets - Capital GainClass V37.10%
Prepaid and Other AssetsClass V53.25%
Section 179 Intangibles, Existing Contracts, WIPClass VI53.25%
Residual (Goodwill)Class VII37.10%

There is also earn out .






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