topic Sale of all business assets in Business & farm

Sale of all business assets

Gabby702 — Sun, 06 Oct 2019 23:19:45 GMT

I had a retail store under an LLC. I sold all the assets of the LLC in 2017 to another LLC at a loss. There is nothing in the LLC, no business or assets. Can I carry the loss forward to my 2018 return? All I ever see is loss carry forward information on investments, such as stocks, or an on-going business, etc., but can find nothing specifically for this scenario. Thanks in advance.

Re: Sale of all business assets

Hi Palms — Mon, 07 Oct 2019 01:03:12 GMT

you can carry the loss forward but there may be different types....capital or ordinary loss.....depends on the assets you sold.

Re: Sale of all business assets

Gabby702 — Mon, 07 Oct 2019 13:25:05 GMT

Thanks for the reply. I sold everything....furniture, fixtures, inventory, leasehold improvements... and I had been in business for over 3 years.