Question

Sale of insurance book of business

Forum|Forum|1 year ago
April 16, 2025
1 reply
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I sold my book of business to another agency, I put into turbo tax that I sold/disposed of the business however nowhere does it ask me to put in any monetary amount for what I received. Where does that go?

TurboTax Home & Biz Windows

KrisD15

Was this Schedule C?

Also, did you purchase the book or did you create it?

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Z

Zillioux

Yes Schedule C and I created it

Z

Zillioux

Yes, you can report only your 2024 payment if you choose the installment sale method. The other option is to report the full sale and then if you receive additional income in a later year you would report it the same way.

If you want to use the installment method you can follow the steps in this link. Keep in mind that any interest payments in the contract would also be taxable income.

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