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SALE OF BUSINESS

crubik
Level 2

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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crubik
Level 2

Thank you for the prompt reply and suggestions.

View solution in original post

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2 Comments 2
TaxGuyBill
Level 15

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]

crubik
Level 2

Thank you for the prompt reply and suggestions.

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