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DSR68
May 24, 2024

Record proceeds from sale of ROBS business in Quickbooks that will be rolled to an IRA

  • May 24, 2024
  • 1 reply
  • 0 views

I recently sold my business which was financed as a Roll-over for Business Startup arrangement.  I am struggling with recording the proceeds from the sale since it should not show as "Other Income" on the P&L and be taxed with profits from operation of the business.  The proceeds will be rolled to IRA.  What is the proper way to enter the proceeds in Quickbooks?

    1 reply

    S
    SashaMC
    May 24, 2024

    Hello DSR68,

     

    Welcome to the QuickBooks Community! For this particular transaction, we strongly recommend speaking to your accountant to learn the best practices for your business. If you need an accountant, feel free to use our ProAdvisor service. Many offer a free consultation, which is a bonus! Use the link below to connect.

     

     

    If you have any other questions or concerns, let us know below! The Community and I have your back. See you around. 

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