Question

Retired and Sole Proprietor of a small business that my husband discontinued the business in 2022. No income, no deductions. Completed return but errors abound. Help.

Forum|Forum|2 years ago
April 19, 2023
1 reply
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How do I terminate small business for 2022?

TurboTax Online

If you had any assets that you wrote off, check to see if you have any depreciation recapture. Go into your assets and mark that they were converted to personal use and the date. If income pops up, you will have a recapture.

If not, you do not need to file the Sch C and can just delete it.

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G

GeminiAnneAuthor

Thank you Amy. I went to the asset sheet. Sewing maching was depreciated in 1978. No place to indicate on asset sheet that sewing maching was converted for personal use only. Stopped use on 01/01/2022. Vehicle use is personal. Stopped using for business on 01/01/22. For clarity, upholstery business was used as a part time venture after retirement from fulltime job as a water proofing supervisor of commercial building subcontractor. If there is a way we can communicate via phone conversation, I would appreciate. Thank you. Anne Dennis.

AmyC

If that is it for assets, you can just delete the sch C with no worries. You haven't written off some large piece of expensive equipment in the last couple of years.

Delete, and enjoy!

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