topic Re: Dissolving 1120-S in Get your taxes done using TurboTax

Dissolving 1120-S

princesskays19 — Tue, 23 Jun 2020 13:33:09 GMT

Dissolving a franchised S-Corp, had to pay 100k in fees, can I expense those cost?

Re: Dissolving 1120-S

Anonymous_ — Tue, 23 Jun 2020 16:19:03 GMT

Dissolving, selling, or otherwise conveying to a third party?

Regardless, you should most likely seek professional tax, and legal, guidance for your situation.

Otherwise, the general rule is that you can deduct all ordinary and necessary expenses incurred during the operation of your business.

Re: Dissolving 1120-S

princesskays19 — Tue, 23 Jun 2020 17:53:49 GMT

Dissolving, as it not an actual sell. I'm pretty much giving the business back to corporate and had to pay 100k in order to do so.

Do you all offer live help?

Re: Dissolving 1120-S

Anonymous_ — Tue, 23 Jun 2020 18:23:51 GMT

You can get in touch with Support via the link below, but they might not be of much assistance in this particular matter since the exact nature of how the $100,000 would be treated will probably depend upon the terms of the contract you signed, either as a franchisee or thereafter (when you relinquished your interest). As a result, you might want to consult, in-person, with a tax professional.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Re: Dissolving 1120-S

princesskays19 — Tue, 23 Jun 2020 19:00:17 GMT

Awesome thanks!