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Hello, my name isXXXXX & I'll be helping you today. My goal is to give you a complete & accurate answer that you can understand.
Did you pay anything for the business?
Well, I'd report the sale on the Schedule D subschedule as "Sale of Goodwill - Dry Cleaning Bus" & report the $5,000. as a sale with no cost.
That would be under long-term gains
It is possible that depending upon your other income, the tax will be zero!
Do I have to fill out any other form other than schedule D?
Just the subschedule for Schedule D - let me get the exact number for you I think it is 8695 but let me check- just a minute
No it is Form 8949
First you use the 8949 & then the numbers carry over to Schedule D
ok, thank you very much for your help
U R Welcome
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