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October 2, 2019
Question

Capital Loss on Small Business How Do I account on my 2018 taxes

  • October 2, 2019
  • 1 reply
  • 0 views
I purchased my agency for $135K and ended up selling for $85,000 leaving me with a $50K loss. Need help doing the entry on Turbo Tax.

    1 reply

    Hi Palms
    Employee
    October 3, 2019

    when you sell a business you sell assets....tangible and intangible....you have to put a value on each one....there may be losses and gains that are ordinary gains or losses or capital gains or losses.