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Did I enter closing my business correctly in TT ?

Forum|Forum|3 years ago
March 31, 2023
1 reply
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I stopped doing business in 2022 and had zero income. I did not sell the business. I would like to know if the form looks right or any other comments please! Thank-you !!!

TurboTax Home & Biz Windows

Best answer by davej

Thanks AliciaP1 !

There were no business assets as this was a solar consulting business. When we moved from California to Nevada I closed the business. I just wanted to make sure that it was documented correctly on my returns.

AliciaP1

Yes, that box should be checked. If you had assets that belonged to the business that were expensed when purchased or were being depreciated, you need to "dispose" of the assets to complete the process of closing your business. TurboTax has options if you sold, gave items away, or converted them to personal use.

To get to this area in TurboTax Home & Business you can follow these steps:

Under the Business tab and Business Income and Expenses select I'll choose what I work on
Click Update for Profit or Loss from Business
Click Edit for the business you closed
Scroll down to Business Assets and click Update
Go through each asset listed and mark that you stopped using the asset in 2022 and answer the questions about what you did with each one

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

D

davejAuthorAnswer

Thanks AliciaP1 !

There were no business assets as this was a solar consulting business. When we moved from California to Nevada I closed the business. I just wanted to make sure that it was documented correctly on my returns.