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Business & farm
First, I appreciate your help on this. Very, very small S Corp and doing this myself. I did do exactly what you said. See Screen shot. However the K1 is showing the loss under Box 9 as a 1231 loss. From everything I read that is real property. Is a vehicle for this purpose considered real property? Also do I enter the $12,000 as other income to account for it or did Trubo Tax handle that already for me?
March 8, 2020
11:17 AM