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June 4, 2019
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Can I file a simple 1040 this year when I was filing as a small business in prior years?

  • June 4, 2019
  • 1 reply
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I am a photographer and suffering from Macular Degeneration.  I have been diagnosed as blind in my right eye and the left eye is slowly going the same way.
Best answer by DianeW777

We are very sorry for your situation.  For 2017, you should check that you disposed of the business, a drop down question will appear asking you if you disposed of the business by selling it to a related party, by an installment sale or in a like-kind exchange transaction. See the screenshot below.  Select No (unless you are selling it).

If you have any assets go through each one to indicate you have removed it from service.  If it wasn't sold, or if you are going to sell it later you can report the sale at a later time (2018, or later). TurboTax would ask you for more information to report such as the date removed from service (you have not gotten that far yet). You would have to report any sale of business equipment/vehicles, but next year you will simply not report the business anymore

TurboTax will ask if an asset was converted to personal use, sold or disposed of.  Watch the questions and use the images attached for assistance, just click on them.

1 reply

DianeW777Answer
June 4, 2019

We are very sorry for your situation.  For 2017, you should check that you disposed of the business, a drop down question will appear asking you if you disposed of the business by selling it to a related party, by an installment sale or in a like-kind exchange transaction. See the screenshot below.  Select No (unless you are selling it).

If you have any assets go through each one to indicate you have removed it from service.  If it wasn't sold, or if you are going to sell it later you can report the sale at a later time (2018, or later). TurboTax would ask you for more information to report such as the date removed from service (you have not gotten that far yet). You would have to report any sale of business equipment/vehicles, but next year you will simply not report the business anymore

TurboTax will ask if an asset was converted to personal use, sold or disposed of.  Watch the questions and use the images attached for assistance, just click on them.

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