Tax Law (Questions About Taxes)/S corp taxes


I sold my business in 2012 of August
However I still kept my Scorp name open wishing to start
Another business
I invested $9,000 in 2013 but did not make a profit or any money
So I'm -$9000 in the hole
Do I still have to file quarterly?
Do I still need a to file a k-1 to do my regular taxes?
I did work for another company with 2 w-2's
Can I deduct my losses on my regular tax return?


Thanks for your question.

It appears that you sold the assets of the business but not the business itself, meaning you still own the Corporation itself.

For 2012, you should report on the corporate return the sale of the assets, showing any gain or loss on the sale of the assets.  This would then be transferred to your K-1 and reported on your 1040.

Your $9,000 loss should have been at least partially recouped from the sale of the assets. Any remaining loss would be on the K-1 as a result of the sale of the assets.

Your final 1120-S should indicate that it is a final return and no further filing would be necessary in terms of tax returns.

Hope this helps.

John Stancil, CPA

Tax Law (Questions About Taxes)

All Answers

Answers by Expert:

Ask Experts


John Stancil, CPA


I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at I also offer seminars and consultations to churches and clergy on their tax issues at Also visit my blog, I am listed on Tax Connections at Prepare and file your own taxes at


I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

FICPA, NATP, NCPE Fellowship, Lakeland Business Leaders

The CPA Journal, Florida CPA Today, Green Consumer, Green Business, Global Sustainability as a Business Imperative, Palmetto Review, NATP TaxPro Quarterly, Mustang Journal of Finance and Accounting.

DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill University

©2016 All rights reserved.