Reporting Business Sale - Assets & Goodwill

[mfsjpm01]

I am working on a return where there is the sale of a sole prop/schedule c business.  Asset sales with goodwill on top of the assets.  I believe I have the assets entered correctly directly on the asset worksheet (date of sale, sale price, expense of sale, etc.).  But wondering how I enter the goodwill?  Do I need to create a new asset with $0 cost?  Or is that entered separately?

Thanks!

[RollTide68]

Goodwill -- Intangible Asset Amortized over 15 years

Asset entry form - type of asset L

Enter IRC section under which you amortize the cost of intangibles - 197

[mfsjpm01]

Sorry - should have been more clear. I am working on the return of the selling business owner.  Not buying.  Don't need to set up the Goodwill for amortization.  I need to report the receipt of a business sale price for Goodwill.

[Terry53029]

I believe you report it on schedule D as an investment

[LNieb]

I'm trying to get the amortization to reconcile to a prior accountant's tax return.  Goodwill calculates by the month, but I can't figure out what method I should choose.  Any advice?