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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Thank you for the prompt reply and suggestions.
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.
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Thank you for the prompt reply and suggestions.
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