Ohio State S-Corp Income Taxes

[Justin Wilson]

Hello,

I was reading up on the requirements to submit tax returns and pay income taxes in Ohio.  I've read the CAT is not required if the business has gross receipts under $150k.  My rental income is way below that, but I sold a property and the total of the sale price and rental income is over $150k.  Is the sale of a property considered part of the gross receipts?  If so, do the gross receipts include the entire sale price or just the proceeds from the sale after closing costs, commissions, and paying of the remaining mortgage?  Also if the business posted an accounting loss for 2022, will the business we state taxes?  Finally, if the gross receipts are below $150k, is the business required to file at all?

Thanks,

Justin

[Remington Lyman]

Quote from @Justin Wilson:

Hello,

I was reading up on the requirements to submit tax returns and pay income taxes in Ohio.  I've read the CAT is not required if the business has gross receipts under $150k.  My rental income is way below that, but I sold a property and the total of the sale price and rental income is over $150k.  Is the sale of a property considered part of the gross receipts?  If so, do the gross receipts include the entire sale price or just the proceeds from the sale after closing costs, commissions, and paying of the remaining mortgage?  Also if the business posted an accounting loss for 2022, will the business we state taxes?  Finally, if the gross receipts are below $150k, is the business required to file at all?

Thanks,

Justin

 I can refer you to a CPA here in Ohio to answer this question