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stlacher31
February 4, 2023
Question

How do I report a cash distribution from the liquidation of a business?

  • February 4, 2023
  • 1 reply
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1 reply

AliciaP1
AliciaP1
February 4, 2023

It depends on how the business was formed and if you're trying to report it for the business or for you personally.  Personally, you do not need to report it.  If your business was reporting on a Schedule C, you need to mark your business info that it ended in 2022 (with the actual date) and then answer the prompts about the termination of the business.  If the business was a partnership or S-Corporation the distribution needs to be reported with the partner/shareholder information on the business return.

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