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jgcpa
Level 5
January 16, 2020
Question

the sale of goodwill

  • January 16, 2020
  • 2 replies
  • 13 views

How do I enter the sale of goodwill. (self created) This is an asset sale the the sa

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2 replies

qbteachmt
qbteachmt
Level 15
January 16, 2020

You seem to be describing income without any basis.

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    George4Tacks
    George4Tacks
    Level 15
    January 16, 2020

    Goodwill is a capital asset and the sale goes on Schedule D. It would also be an entry on Form  8594, if there are multiple assets sold. 

    @jgcpa You my want to come back and complete your sentence to give us more information.

     

    Answers are easy. Questions are hard!
      S
      sffdib
      Level 5
      May 11, 2021

      How is the sale of self-created goodwill asset entered on schedule D? It looks like to me that the only options to enter sale of any assets in ProSeries is thru QuickZoom for 1099-B, Nonbusiness Bad Debt, or Home Sale Worksheet and I know that it is none of those. 

       

      BobKamman
      BobKamman
      Level 15
      May 11, 2021

      The link to 1099-B entry worksheet has places to enter assets where they ask if the sale was reported on Form 1099-B.  Just say no.  

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