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I sell item on stock x report it as business for two year but

Forum|Forum|3 years ago
April 7, 2023
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i get 1099k from stock x report it as business for two year but I don’t want to sell it no more. Is any different form I need to file on next year tax return to stay the I stop to run that business?

Best answer by AliciaP1

It depends on how you have been reporting your business income and expenses. If you have been filing on Schedule C there is nothing extra you need to do. If you don't have any income or expenses for this year, you just won't complete and file the form. If your business is formed as an LLC, a Partnership, or a Corporation, you may have additional steps to take.

See Closing a Business for more information.

AliciaP1Answer

It depends on how you have been reporting your business income and expenses. If you have been filing on Schedule C there is nothing extra you need to do. If you don't have any income or expenses for this year, you just won't complete and file the form. If your business is formed as an LLC, a Partnership, or a Corporation, you may have additional steps to take.

See Closing a Business for more information.

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