If my S-corp was sold 12/31/2023, but wasn't officially dissolved until December 2024, do I run expenses ton the corp tax return or do they fall on my personal returns?

The corp did not receive income in 2024, but there were associated expenses that I paid for that were not assumed by the purchasing corp.

3641

Level 15

Jan 4, 2025 10:28:23 AM

Do you mean the corporation sold its assets in 2023? If you sold the corporation itself, it is the new owner's corporation and you have nothing to do with it in 2024.

If you still had a corporation in 2024, yes, you need to file a tax return. If it ended in 2024, it will be a "final" tax return which will result in additional reporting.

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If my S-corp was sold 12/31/2023, but wasn't officially dissolved until December 2024, do I run expenses ton the corp tax return or do they fall on my personal returns?