As of Dec 31, 2023 business sold. Payments will be made over 3 year with monthly payments. So for 2023 received $**k.
How do I report and claim the sale of the business and the LTCG for 2023 as it is only 1/3 of the value.
Are you using TurboTax CD/Download or TurboTax Online? Is this business incorporated?
Using Turbo Tax Online. It was a Corporation owned by 1 person.
You can report the income from the sale as well access the Life Time Capital Gains page in the Capital gain/loss section in TurboTax Online.
Use the “Find” tool🔍 to search for “cap”. Select “Capital Gains and Capital Gains Deduction Profile” and then click the “Go” button.
Sorry I was mixed up. Using Turbo Desktop.
More information. Corporation sold Dec 31 2022. The value of the sales is the be paid to owner over 3 years. So first payments started in 2023 with monthly payments. Final payment to be made in 2025
On schedule 3 Do I record the full value of the sale or just the 2023 payment
Second : No matter what amount I am entering on Schedule 3 line 1 the forms are taking 50% of that and calculating a capital gain on line 19900 of half the value.
I thought the lifetime Capital Gains exemption would eliminate the 505 and hence no tax payable on the sale.
Appreciate any help
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