crubik
Level 2
04-01-2024
03:16 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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?
Best Answer Click here
TaxGuyBill
Level 15
04-01-2024
03:57 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
04-01-2024
06:11 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you for the prompt reply and suggestions.