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Lacerte TaxExperience: 30 years
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1
State proficiencies
Maryland
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Rightly or wrongly, OP said the payments were deducted as lease expense.
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Is the S Corp cash or accrual? They are selling/assigning the truck lease. They can't sell the truck since they don't own it. I think the $60K assigned to this ...
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7/1/2024 to 6/30/2025 is a 2024 return and needs to be filed using 2024 software. You will probably need to file on paper because there is already a 2024 return...
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The S Corp is selling its assets? Or the shareholder is selling his stock in the S Corp? I was not aware you could sell a lease. Is it really being assigned? Wa...
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I've never done this nor thought of doing it. But, if the business of the corporation is rental, isn't that an active trade or business for the corporation?
