Sales of business Turbotax Business 2022

I assume the business income was being reported on your personal tax return on schedule C or schedue E.

The first thing you need to do is edit each asset associated with the business and report the same of them for the amount of the sales proceeds allocated to them. If you have a gain on the sale of an asset, it will be taxed at ordinary tax rates (with a cap of 25%) to the extent of depeciation allowed on that asset and the balance will be taxed at capital gain tax rates. When you are done reporting the sale of the assets, you need to report the portion of the sales proceeds not allocated to the assets (the goodwill) as an investment sale as follows:

1. Choose the Federal option on your left menu bar
2. Choose Wages & Income
3. Choose the Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) option
4. Choose the Stocks, Bonds, Mutual Funds option
5. Indicate that you did not get a 1099-B form 
6. Choose the I'll enter one sale at a time option
7. Enter the sale proceeds and cost basis of $0
8. Choose the holding period (short term less than 1 year, long term 1 year or more)

The income thus reported will flow to your form 1040 and be taxed appropriately.