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I sold a sole proprietor business which I had purchased a
I sold a sole proprietor business which I had purchased a few years ago I purchased with good will that I amortized not fully yet now that i sold i generated my own goodwill how do i report the 2 good… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,287 satisfied customers
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
40,287 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
40,287 satisfied customers
I created an S corp in 2014 and used personal money to buy
I created an S corp in 2014 and used personal money to buy another company and merge it into the existing S corp. What is the best way to write off/depreciate the purchase?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,287 satisfied customers
I sold my insurance agency little less than my purchase
I sold my insurance agency for a little less than my purchase price and will be receiving installments over 2 years. I have also been amortizing for 10 years. Should I declare capital gain? Thanks… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,255 satisfied customers
Is goodwill, in a sale, considered a 124 property or can it
Is goodwill, in a sale, considered a 124 property or can it be included in Part I of the 4797?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,287 satisfied customers
In 2014 I purchased a domain name from a third party (for $1500).
In 2014 I purchased a domain name from a third party (for $1500). I am using this domain as a business for an ad-supported website. Is there a way I can deduct or amortize the domain purchase on my Sc… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
Hi, we had an LLC as 100% owned by C-corp. LLC was created
Hi, we had an LLC as 100% owned by C-corp. LLC was created to buy a sole practitioner - so goodwill is on the books. C-corp reported it as disregarded entity - so there was no federal return, it was c… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
How do you determine a sole shareholders basis or corporations
How do you determine a sole shareholders basis or corporation's basis in "Goodwill" in a S Corp.??? A "S Corp." is selling all of it's assets and has a A.A.A. account of over $500,000. If "goodwill" i… read more
taxmanrog
taxmanrog
Master's Degree
1,783 satisfied customers
I bought an existing business that included in the purchase
I bought an existing business that included in the purchase price the cost of Goodwill and customer lists. Is this cost a business expense that can be deducted… read more
socrateaser
socrateaser
1,506 satisfied customers
For income tax reporting purposes, I figured fixtures and equipments
For income tax reporting purposes, I figured fixtures and equipments I sold would fall under section 1231. However, I'm unsure if the goodwill of my restaurant business which I sold should be reported… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,287 satisfied customers
When we sell a sole prop business for 30,000, how do we record
When we sell a sole prop business for 30,000, how do we record the description, sales price and cost est in part of form 4797 AND how do we bookkeeping this sale transaction (debit/credit)? We opened … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,255 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
40,287 satisfied customers
What do you do with goodwill that has not been fully amortized
What do you do with goodwill that has not been fully amortized when you sell your business? Does this get fully amortized in year of sale (reducing ordinary income) or is it considered your "cost basi… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,287 satisfied customers
I am selling a business and the sell is just good will. How
I am selling a business and the sell is just good will. How does selling on installment benefit me as opposed to cash?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,287 satisfied customers
I am purchasing all of the assets of an existing business.
I am purchasing all of the assets of an existing business. I am allocating the purchase price to the various assets: Inventory, Land, Land Improvements, Buildings, Equipment, Non Compete Agreements an… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
I created S-Corp in 1999 for a retail business, and have always
I created S-Corp in 1999 for a retail business, and have always been the sole shareholder; it was never a C-corp. I am contemplating asset sale, where allocation of price will be to fixtures/equip, in… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
When purchasing a business, is goodwill (payments to pay ...
When purchasing a business, is goodwill (payments to pay off the purchase of the business) tax deductible in Oregon?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,287 satisfied customers
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