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M
Min2021
Level 2
October 3, 2024
Question

How to report sold property half cash half loan

  • October 3, 2024
  • 1 reply
  • 3 views
Sold business goodwill on $500,000.00, paid 250,000.00 on cash and  promissory loan $250,000.00 in 3 years. the cost of goodwill: $1,106,000.00 accumulated amortization :$927.000.00. how to post the goodwill sold in Lacerte?
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1 reply

abctax55
abctax55
Level 15
October 3, 2024

You may be able to do it thru the depreciation screen.  But I think, as it is an instalment sale, you have to go thru the dispositions screen.

HumanKind... Be Both
    M
    Min2021Author
    Level 2
    October 3, 2024

    Thank you for the reply - I think the cash payment should be trade as principle payment on current year. 

      abctax55
      abctax55
      Level 15
      October 3, 2024

      That, AND any principal payments received on the note in the current year.

      HumanKind... Be Both
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