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Hi and welcome to Just Answer!When you took loans - proceeds were not included into your taxable income - thus when you pay them off - payments are not deductible and the fact of paying off loans has no effect on tax liability.Assuming you are selling your business as asset sale (not stock sale) - both the buyer and seller involved in the sale of business assets must report to the IRS the allocation of the sales price among section 197 intangibles and the other business assets. Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred.You will determine the gain separately for each asset as (selling price) - (basis).The basis is mainly your purchase price adjusted by some additional expenses and deductions.