Article: 50079

Overview

Form 8594 is required to be filed by both the seller and the purchaser when a group of assets that constitutes a trade or business is sold. This filing ensures proper allocation of the purchase price among the assets transferred.

Who Must File

Form 8594 must be filed by both the buyer and seller if the following conditions apply:

• Goodwill or going concern value is attached, or could attach, to the assets sold, and
• The purchaser’s basis in the assets is solely determined by the amount paid for those assets.

For detailed instructions, refer to the IRS Form 8594 Instructions.

Reporting Form 8594

To add Form 8594 – Asset Acquisition Statement:

1. Click on the Review tab on the left of the screen in the Federal taxes section.
2. Click the I’d like to see the forms I’ve filled out or search for a form link.
3. Enter Form 8594 in the search box or click on the Other Forms tab.
4. Select Form 8594 – Asset Acquisition Statement to add and open the form.
5. Enter the applicable information and hit Save.