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- 1 - Where/how on Sch D do I record Goodwill as result of Asset Sale? 2 - If only a half was paid at sale (balance due), how do I show that since it won't tie to 8594?
1 - Where/how on Sch D do I record Goodwill as result of Asset Sale? 2 - If only a half was paid at sale (balance due), how do I show that since it won't tie to 8594?
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jdean383
Level 1
02-08-2024
10:04 AM
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dascpa
Level 11
02-08-2024
10:07 AM
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Depends whether Goodwill is already an asset on the company books or not. If it is, it's a sale through the asset reporting. If not, it goes on Form 4797. You raise a different issue, it wasn't al paid at once, therefore you have an installment sale. The 8594 Asset Acquisition Statement is at gross, not when paid. Both the buyer and seller need to report the same amounts on the same categories.
