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M
Medinazs
Level 1
September 29, 2020
Question

Donut Shop

  • September 29, 2020
  • 3 replies
  • 11 views

I have a customer who sold her donut shop back in October, Where on the 1040 and what schedule would I report the amount she received for the sale between buyer and seller only, no escrow involved. I noticed there is line 5 and line 6 on Schedule C, but im not sure if I should report this income received for the sale of the business in this lines. The business was opened in 2016 and sold in 2019. Thanks

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3 replies

George4Tacks
George4Tacks
Level 15
September 29, 2020

https://proconnect.intuit.com/community/form-8949/help/reporting-bulk-asset-sales-in-proseries/00/3728 and don't forget Form 8594.

Answers are easy. Questions are hard!
    IRonMaN
    IRonMaN
    Level 15
    September 29, 2020

    Kinda depends on exactly what was sold.  Form 4797 would be a good starting point though.

    Slava Ukraini!
      T
      Terry53029Intuit Community Champion
      Intuit Community Champion
      September 29, 2020

      Did your client just sell inventory (did the local police buy it 😁) or did they sell business, goodwill, building? Like Ironman said, depends what was sold.

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