Taxes and closing a business

[jmurs116]

What is the name of your state?What is the name of your state?NY
Filed paper to disolve an LLC in NY.
Winding down the business.
Do you have to keep business going until all loans and expenses
are paid? Could you pay loans and expenses (credit card) with personal funds and close business?
If assets(computers etc.) are not sold, not used, just stored,
is there any special treatment for these assets for tax purposes?
Involved in business lawsuit. Do not know when it will end.
Does business have to remain active until lawsuit judgement and collection of judgement? Could be 20 years before collected.
Could you just add collection to 1040 as other income?
Already read publications, and IRS said too complicated, can't help me.
thank you

[LdiJ]

Originally Posted by jmurs116

What is the name of your state?What is the name of your state?NY
Filed paper to disolve an LLC in NY.
Winding down the business.
Do you have to keep business going until all loans and expenses
are paid? Could you pay loans and expenses (credit card) with personal funds and close business?
If assets(computers etc.) are not sold, not used, just stored,
is there any special treatment for these assets for tax purposes?
Involved in business lawsuit. Do not know when it will end.
Does business have to remain active until lawsuit judgement and collection of judgement? Could be 20 years before collected.
Could you just add collection to 1040 as other income?
Already read publications, and IRS said too complicated, can't help me.
thank you

Closing a business involves all kinds of issues, on both the federal and state level. When a possible judgement is involved it gets even more complicated.
You probably need to hire a tax attorney to handle things for you.