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What form do I use for my S corp filing to deduct the value of land taken by a municipality from corporate ownwership
a municipality under local law and requirements took a roadway built by my S corp and under the S corp ownership through a required deed process where the municipality took full ownership and responsibility for the roadway and underground utilities, there by taking the land and its value. What form do I use on my tax filing for the S corp to claim the lost value of the land.
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What form do I use for my S corp filing to deduct the value of land taken by a municipality from corporate ownwership
If you received no payment for the roadway, you would report a "sale" for zero dollars. In this way, the total remaining book value will be written off and create a loss for your business.
In most cases, this transaction would be reported under Federal Taxes >> Dispose of Business Property in TurboTax Business.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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What form do I use for my S corp filing to deduct the value of land taken by a municipality from corporate ownwership
If you received no payment for the roadway, you would report a "sale" for zero dollars. In this way, the total remaining book value will be written off and create a loss for your business.
In most cases, this transaction would be reported under Federal Taxes >> Dispose of Business Property in TurboTax Business.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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