Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller. You must search for undisclosed tax liens before completing a purchase agreement.To itemize your deductions, complete Schedule M1SA, and include it with your Minnesota return. The Minnesota Department of Revenue will issue you a 1099-MISC in the amount of the credit and it needs to be reported on your federal 1040 as income. Download Minnesota Asset Purchase Agreement template, modify and send for signing using BoloForms Signature. All ancillary expenses for placing an asset into services are to be recorded using the Minnesota State object code 4005. Subpart A. Capital assets – purchased