If the business you are buying includes business assets such as furniture or office equipment, you must pay sales tax on them. Find info on the process of selling a business and business lawyers with NYC Bar.Report the gain or loss on the sale of rental property on Form 4797, Sales of Business Property or on Form 8949, Sales and Other Dispositions of Capital Assets. But in New York, watch out for software and customer lists! The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset. When you sell your business, for tax purposes, you are actually selling a collection of assets. Any individual or unincorporated entity, other than a partnership, that carries on or liquidates a trade, business, profes-. Most personal property (for example, alcohol, furniture, electronics, etc).