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- Can I take a loss on the closing of my LLC, taxed as S Corp, due to extended COVID19 lockdowns for franchise/startup fees subject to a loan?
Can I take a loss on the closing of my LLC, taxed as S Corp, due to extended COVID19 lockdowns for franchise/startup fees subject to a loan?
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smfesq
Level 2
04-21-2021
03:20 PM
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My franchise fees are not fully amortized nor paid off. I am not selling the business as there are no operations due to the lockdowns. I am cutting my losses and just terminating it.
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qbteachmt
Level 15
04-21-2021
03:26 PM
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You seem to be lost on the internet.
You’ve come to a Peer User community for Intuit Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte Tax Preparation programs, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.
Thanks.
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Don't yell at us; we're volunteers
