Business Property Abandonment

[MButler]

Taxpayer started a grocery store business in November 2012.

The purchase of the store building was owner financed. The Taxpayer had "bought" the property for 140,000.
Depreciation was first taken for the remainder of 2012.

Taxpayer abandoned the property on Dec 31st 2013 and gave the keys back to the original owner. He basically just walked away from it. No 1099A or C has been issued to the Taxpayer and it is not expected that he will receive one.

Is there anything "special" about how this is reported on the 2013 tax return.

Thank you for reading and look forward to responses.

[ChEAr$]

Taxpayer started a grocery store business in November 2012.

The purchase of the store building was owner financed. The Taxpayer had "bought" the property for 140,000.
Depreciation was first taken for the remainder of 2012.

Taxpayer abandoned the property on Dec 31st 2013 and gave the keys back to the original owner. He basically just walked away from it. No 1099A or C has been issued to the Taxpayer and it is not expected that he will receive one.

Is there anything "special" about how this is reported on the 2013 tax return.

Thank you for reading and look forward to responses.

Any equipment left in the store building and acquired for use by taxpayer and for which section 179 was taken must be dealt with.

Unless the seller of the business was in the trade or business of financing, then he doesn't have to issue any forms 1099A or C.