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Amber773
February 24, 2020
Question

Should I file an 8454 if my husband sold his Farmer's Insurance Agency? He was paid for his book of business.

  • February 24, 2020
  • 1 reply
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K
KarenM90
February 24, 2020

Form 8454 is Form related to Efiling.  

 

I assume you are asking if you need to complete a Form 8594.

 

Yes, generally you would be required to file a 8594 if the sale of a business included the sale of individual physical assets and goodwill.  

 

To enter this in TurboTax, you will need to indicate that you sold or disposed of your business and TurboTax will walk you through entering the information to report the sale.

 

 

Here is a link to the IRS instructions for this form:  Form 8594

 

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