Where and how on turbo tax do I enter a capital loss for expenses in 2024 of an S Corp that we filed the final return for a number of years ago?

We had to keep records for 10 years so had to pay a company for that. We filed the final K-1 for the S Corp a number of years ago so we can’t deduct the expenses as ordinary business expenses. We can enter the expenses as a capital loss. Turbo Tax does not ask me that question and I do not know where to enter it.

809

Expert Alumni

Apr 10, 2025 7:48:22 AM

Did you report the S-Corp was dissolved on your personal tax return in the year that you received a final K-1? If so, you claimed a capital gain or loss at that time.

The cost of retaining tax records is not deductible on an individual tax return. If you have another business to report on your Form 1040 return, you may be able to claim those expenses under that business.

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Where and how on turbo tax do I enter a capital loss for expenses in 2024 of an S Corp that we filed the final return for a number of years ago?