Sale of business .

Yes. Goodwill is reported as a capital asset on Schedule D and Form 8949.  Whether it is short term or long tern is dependent on the holding period.  Goodwill is a Section 197 intangible for tax purposes and is a business asset. Likely, other intangible assets might be capital assets as well (Class VI and VII). However any asset that was depreciated or amortized would have recapture of gain and reportable on Form 4797.

1. Long term: held more than one year (one year plus one day)
2. Short term: held one year or less

Important Information - You have already completed and notes placed here for your convenience and reference:

Form 8594 must be completed (both buyer and seller do this and they should agree and each have the exact figures for each respective return).  If you do not file a correct Form 8594 by the due date of your return and you cannot show reasonable cause, you may be subject to penalties.

Per the IRS, The purpose of filing the form is '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 if the purchaser's basis in the assets is determined only by the amount paid for the assets.'

• Sale of a Business