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February 2, 2025
Question

I sold my business to an unrelated party. I'm not finding where I can pull up the tax form 8594 to report this on turbotax?

  • February 2, 2025
  • 1 reply
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When I edit business information, I am not finding where to go to fill out form 8594

    1 reply

    February 10, 2025

    This form is not supported in TurboTax Online or TurboTax Desktop.  This form should be completed and filed with your tax return, and an exact duplicate filed with your buyers tax return. This means you should mail your return.

     

    Most importantly is that both the buyer and seller must have the exact same information on Form 8594.  Use the link to print the form and complete it.  A second option would be e-file your tax return and then file an amended return attaching only that form.

     

    Who must file Form 8594?

    Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale if:

    • goodwill or going concern value attaches, or could attach, to such assets and
    • the purchaser's basis in the assets is determined only by the amount paid for the assets.

    When To File

    Generally, attach Form 8594 to your income tax return for the year in which the sale date occurred.

    If the amount allocated to any asset is increased or decreased after the year in which the sale occurs, the seller and/or purchaser (whoever is affected) must complete Parts I and III of Form 8594 and attach the form to the income tax return for the year in which the increase or decrease is taken into account.

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