Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

How to report goodwill during sale of business in proseries

KGBKaren
Level 3

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?

0 Cheers
3 Comments 3
TaxGuyBill
Level 15

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.

Just-Lisa-Now-
Level 15
Level 15

You can make direct entries on the 4797


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
Accountant-Man
Level 13

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.
0 Cheers