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Level 4
March 28, 2023
Solved

Sch C business closed & depreciating assets

  • March 28, 2023
  • 1 reply
  • 15 views

Client started a business in 2020; purchased about $9,000 in fixed assets which were mostly depreciated.  He worked the business on and off in 2022 because he got a W-2 job.  He now wants to close down the business.  There is a little deprecation left on table, but most assets are zero.  He has not sold the assets or disposed of them.  Is there a place in Proseries to show that the business is gone, and assets are gone but not disposed or sold.  I don't really know that there is any tax effect on this.  Any help is appreciated.

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Best answer by dkh

On Schedule C there is no place to mark business is closed and no requirement to do so either.

Does your client need to claim some Sec179 recapture ? 

1 reply

dkh
dkhAnswer
Level 15
March 28, 2023

On Schedule C there is no place to mark business is closed and no requirement to do so either.

Does your client need to claim some Sec179 recapture ?