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Hello I sold my business in July 2024 do I still file under business and personal?
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If it was a Corporation or partnership you will file a final return and then include the k-1 in your 1040. If it is a corporation/partnership, there could be tax consequences to its liquidation. If it was a schedule C, you would include a final schedule C in your 1040. there are no tax consequences for taking business property and converting it to personal use. However, should it later be sold, gain would be recognized to the extent it exceeds its tax basis.
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