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Level 3
April 30, 2024
Question

How to report goodwill during sale of business in proseries

  • April 30, 2024
  • 2 replies
  • 15 views

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?

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2 replies

Level 15
April 30, 2024

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.

Accountant-Man
Level 13
May 1, 2024

Was it all paid at once or during one calendar year, or was it an installment sale for Form 6252?

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Just-Lisa-Now-
Intuit Community Champion
May 1, 2024

You can make direct entries on the 4797

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