Question

I have TT Home and Business 2020. I sold my business in 2020, received Form 8594 and need to include it on my return. Where do I enter this information?

Forum|Forum|5 years ago
February 18, 2021
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TurboTax Online

Employee

You will have to provide more details.

There are different classes of assets on the form and they generally need to be entered in different sections of the TurboTax program.

R

RAkelmanAuthor

I owned a money losing business. I sold it in 2020 for a loss. I entered all the information on form 4797 after reading on the TT website this is what I needed to do. Let me know if this helps. Thanks in advance.

A

Anonymous_

Employee

It is entirely dependent upon exactly which type of assets you sold.

Typically, with respect to the sale of a business where going concern value (or goodwill) can attach to the assets, the parties (buyer and seller) need to prepare Form 8594.

See https://www.irs.gov/pub/irs-pdf/f8594.pdf