Sold my S Corp in Mid-2019 at Large Loss of approx...
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4nealanddonnaand
New Member

Sold my S Corp in Mid-2019 at Large Loss of approximately 25%-30% of Total Value. Pandemic has caused little Payment from Buyer since July, 2019. Can I show losses?

Need 2019 & 2020 Taxes Files for both Joint Personal 1040 & S Corp for Wife and Myself.  Can you supply me with needed software for both as soon as possible?
4 Replies
Critter-3
Level 15

Sold my S Corp in Mid-2019 at Large Loss of approximately 25%-30% of Total Value. Pandemic has caused little Payment from Buyer since July, 2019. Can I show losses?

Well for the 2019 S-corp  you need TT Business  and for the 2019 personal return one of the personal programs ... use the deluxe version.    

https://turbotax.intuit.com/personal-taxes/past-years-products/

            

 

 

 

Then you only need a personal version for the 2020 tax year ...    

 

Desktop:

https://turbotax.intuit.com/personal-taxes/cd-download/

 

Online:

https://turbotax.intuit.com/personal-taxes/online/

 

Anonymous
Not applicable

Sold my S Corp in Mid-2019 at Large Loss of approximately 25%-30% of Total Value. Pandemic has caused little Payment from Buyer since July, 2019. Can I show losses?

i strongly advise you to use a tax pro for the s-corp return.  we can not see the sales agreement and that could have a substantial effect on what we would advise and where to report it (could be on S corp return if assets sold or it could be schedule D of your return if stock sold).  the return is late. The penalties for late filing are about $200 per month per shareholder for every month late with a max of 12 months.

AmeliesUncle
Level 11

Sold my S Corp in Mid-2019 at Large Loss of approximately 25%-30% of Total Value. Pandemic has caused little Payment from Buyer since July, 2019. Can I show losses?

I agree that you need a tax professional.  There are just WAY too many things involved with this.  You need a GOOD tax professional that is EXPERIENCED with corporations.

Critter-3
Level 15

Sold my S Corp in Mid-2019 at Large Loss of approximately 25%-30% of Total Value. Pandemic has caused little Payment from Buyer since July, 2019. Can I show losses?

The professional should also be able to address and possibly reduce the late filing penalty and educate you on the taxability of the future payments including the interest you should be charging on the loan. 

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