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I am a small business, schedule C. I am selling my customer
I am a small business, schedule C. I am selling my customer list, goodwill, covenant not to compete, what is the tax treatment....on what 1040 form is it reported? … read more
Tax.appeal.168
Tax.appeal.168
Principal
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We sold our business breakdown as follows, Class 5, Class 6
We sold our business breakdown as follows, Class 5, Class 6 Non Compete, Class 6 Trade Name, Class 7 Goodwill. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,480 satisfied customers
I have sold business with the following allocation total
Sir I have sold business with the following allocation total =1,180,000 Land 450,000 Building 525,000 FFE =120,000 Goodwill 84,000 Inventory 1,000 I have question regarding the goodwill it was not pur… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,480 satisfied customers
How do I treat the sale of self created assets such as
How do I treat the sale of self created assets such as customer lists when selling a business … read more
Mark Taylor
Mark Taylor
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I have an insurance agency with one other partner. We file
I have an insurance agency with one other partner. We file taxes as a partnership. We are considering selling the business which will primarily consist of our client list. Can we do this an pay capita… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Client sold small business to an employee for $3000 one-time
Client sold small business to an employee for $3000 one-time payment. Client moved from state and has no additional ties to the business. Ordinary or capital?… read more
Tax.appeal.168
Tax.appeal.168
Principal
5,001 satisfied customers
Client is selling assets of a service business she started
client is selling assets of a service business she started in 2001. $5000 down and $70000 balance over 7 years. Need to allocated assets between goodwill, non-compete covenant, owner developed trainin… read more
Lev
Lev
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Bachelor's Degree Equivalent
34,480 satisfied customers
I started a business 10 years ago with $50,000. i am about
i started a business 10 years ago with $50,000. i am about to sell it now for $400,000, which includes $200,000 of inventory. what will be the amount of capital gains tax?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,480 satisfied customers
I have a client who sold s brand name and website but kept s
Customer: Hi. This is Debbi. I have a client who sold his brand name and website but kept his business open. He created this company so the goodwill was not purchased. Is the sale ordinary income or c… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,480 satisfied customers
I am selling a business. Need to make the list of assets. I have capital losses to offset,
I am selling a business. Need to make the list of assets. I have capital losses to offset, so anything that would be considered capital gain good in the deal structure. Can assets such as email lists,… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,480 satisfied customers
I am preparing a tax return for an individual who is a single
I am preparing a tax return for an individual who is a single member of an LLC legal firm. This past year they have sold 50% of their cases to an unrelated party for $100,000. Can the revenue from thi… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
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You just answered a question for me and part of your answer
You just answered a question for me and part of your answer is part of the selling price will be allocated to goodwill (the excess over SP less FMV of other assets being sold. How will the seller be t… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,480 satisfied customers
Answers from Two Experts requested: RE: Sale of P&C asset of full service insurance a
RE: Sale of P&C asset of full service insurance agency As an LLC/C corp who has built the P&C book of customers(i.e. revenue stream) from the ground up since 2000, how would I be taxed on the sale of … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,480 satisfied customers
I have a client who is in the Financial Service business and
I have a client who is in the Financial Service business and is in the process of selling his book of business. The payments he will receive are on an installment basis (payable over a 10 year period)… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
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I am in process of selling my business (Sole Proprieter) I
I am in process of selling my business (Sole Proprieter) I need tax advise on how to asset allocate to minimize taxes.… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,480 satisfied customers
I have an S Corp and am selling all my assets. So contract
I have an S Corp and am selling all my assets. So contract is basically sale of goodwill and FF&E. Does FMV come into play when computing the gain on the FE&E. The broker's CPA said that no taxes woul… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,480 satisfied customers
I am planning on selling a software business. I am confused
I am planning on selling a software business. I am confused on whether the payment can be claimed as capital gain ( long term). Three years ago I wrote a software and gave it to my father. My father s… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,480 satisfied customers
I am in the process of selling all the assets of my company--
I am in the process of selling all the assets of my company-- an LLC. The company was esrtablished in New York State. The deal entails 3 parts 1- Cash at closing 2- Notes over a 5 year period commenci… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,480 satisfied customers
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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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