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L
ljeancpa
Level 2
March 13, 2024
Question

Schedule C no income but has assets

  • March 13, 2024
  • 2 replies
  • 10 views

Client has a schedule C and did not materially participate or had any income but has assets.  The software is deducting depreciation show I am showing a loss on just the assets.  Safe to assume that is correct?  First time I had this in this software.

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    2 replies

    sjrcpa
    sjrcpa
    Level 15
    March 13, 2024

    Was the business actually operating?

    The more I know the more I don’t know.
      L
      ljeancpaAuthor
      Level 2
      March 13, 2024

      No it wasn't operational and I am not sure if he will restart the business. Currently on disability.  I don't believe he should get the deductions but I'm not sure how it works in this software.

      sjrcpa
      sjrcpa
      Level 15
      March 14, 2024

      Override depreciation to zero by using -1 or

      Change the method to Land

      Doesn't sound like any depreciation should be allowed.

      The more I know the more I don’t know.
        IRonMaN
        IRonMaN
        Level 15
        March 13, 2024

        And/or is it going to have operations in the future?

        Slava Ukraini!
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