Question

If my LLC closed in 2023 but I did not sell any assets or the business, what do i mark on "tell us if any of these situations apply" screen?

Forum|Forum|2 years ago
April 11, 2024
1 reply
0 views

I just stopped working on my LLC and am a W-2 employee only now. I did not sell any asset in the closing of my LLC though. Just want to make sure I mark the correct option for the above selection.

TurboTax Deluxe Online

M

Mike9241

you have some work to do so the depreciable assets don't pop up next year. You must indicate a sales date but no proceeds for each. Also, you will now have to keep track of their tax basis because they are now personal assets. if they are sold, gain but not loss would be recognized.