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crubik
Level 2
April 1, 2024
Solved

SALE OF BUSINESS

  • April 1, 2024
  • 1 reply
  • 3 views

CLIENT SOLD HS GAS STATION IN 2022, AGREEING TO REMOVE THE TANKS.  HE DID DO THAT UNTIL 2023.  CAN HE USE THIS EXPENSE AND WHERE?

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    Best answer by crubik

    Thank you for the prompt reply and suggestions.

    1 reply

    T
    TaxGuyBill
    Level 15
    April 1, 2024

    Probably, yes. 

    Generally, I would enter an expense of a former business as a business expense (even though the business ended) or maybe as a deduction on Schedule 1.  However, this seems to be a selling expense, so I think it may belong on 4797 or 8949 as loss.

    [Edited]

      C
      crubikAuthorAnswer
      Level 2
      April 1, 2024

      Thank you for the prompt reply and suggestions.

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