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Finally a free tax site that is legitimate! I found no hidden fees or expenses! I do a simple...
We are a typical retired couple. Our taxes include social security, W2 income, stock sales,...
"Hi John, the sale of business assets are reported on the IRS Form 4797. If you are using our software, you’ll select ‘Income’ on the menu bar, ‘Business Income’ on the drop-down menu, then follow the prompts from there.
The IRS website gives some good guidance:
“The sale of a business usually is not a sale of one asset. Instead, all the assets of the business are sold. Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. When sold, these assets must be classified as capital assets, depreciable property used in the business, real property used in the business, or property held for sale to customers, such as inventory or stock in trade.” https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Sale-of-a-Business