SALE OF BUSINESS

[crubik]

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?

[TaxGuyBill]

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 · Accepted solution]

Thank you for the prompt reply and suggestions.