Sale of insurance book of business

Forum|Forum|11 months ago
April 16, 2025
1 reply
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I sold my book of business to another agency, I put into turbo tax that I sold/disposed of the business however nowhere does it ask me to put in any monetary amount for what I received. Where does that go?

TurboTax Home & Biz Windows

KrisD15

Was this Schedule C?

Also, did you purchase the book or did you create it?

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Zillioux

Yes Schedule C and I created it

DianeW777

Here is where you will enter your sale of the book of business. Sale of Business Property:

Income and Expenses at the top
Scroll down to Other Business Situations
- For TurboTax Desktop: Business Income and Expenses > Less Common Business Situations
Select Sale of Business Property
Select Sales of business or rental property that you haven't already reported.
Answer 'Yes' to Do all of the following apply...?
Enter your sales information:
1. Description of the Property (Machine Type)
2. Sales Price/Sales Expenses
3. Date acquired and date sold
4. Cost
5. Depreciation