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February 22, 2025
Question

where do I enter the sale of a medical practice

  • February 22, 2025
  • 1 reply
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includes goodwill

    1 reply

    February 23, 2025

    Go ahead and go through your business entries as if you were reporting income and expenses from your business.  TurboTax will ask you for more information if you sold your business, or if you had business property that you disposed of.  

     

    When you edit this prompt, TurboTax will ask if you stopped your business, and will ask for more information on how to closed the business.  You will still have to go through the interview process for the business. The program will ask about income and expenses, and about any assets that the business had.  

     

    For more information visit the following links for both IRS and TurboTax information on closing a business:

    Steps to take to close your business

    Closing a Business

    Refer to the images below for more information: