Solved
Where do we report? we sold equipment to a third party, and we are receiving payments over 3 years. how do we declare this on the 1120S?
No text available
This topic has been closed for replies.
@escalante wrote:4797 is a capital gains dividends form.
It is ?
Perhaps the folks over here can be more helpful:
"our company sold equipment, and is receiving payments over a three year period. This money is distributed among four shareholders. How do we classify this, as it is not revenue but a repayment"
You are confused. The Sale is a sale. The taking of money might be possible because someone is making payments on the sale. You don't decide what is or is not revenue vs repayment. Circumstances make it clear.
You do seem to be lost on the internet. This is not a TurboTax community.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
