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How long do I use Schedule C when I no longer have this business.

Forum|Forum|7 years ago
June 1, 2019
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I use part of the office in my home for this business but since then have sold this home and no longer have this business. Do I continue to file Schedule C for depreciated assets used in this business?

TurboTax Deluxe Windows

Best answer by Cattlerancher

If you no longer have this business, you need to report in TurboTax that you sold or disposed of this business and report the disposal of each asset, (sold, converted to personal property, ect). That is all done in the Business Income and Expense section of this business. Then you need to report the Sale of Home which will include reporting the allowed depreciation taken in your home office deduction. Sale of Home can be found by clicking on Personal Income, Continue, I'll Choose What I Work On, scroll down to Less Common Income, look for Sale of Home.

C

CattlerancherAnswer

Employee

If you no longer have this business, you need to report in TurboTax that you sold or disposed of this business and report the disposal of each asset, (sold, converted to personal property, ect). That is all done in the Business Income and Expense section of this business. Then you need to report the Sale of Home which will include reporting the allowed depreciation taken in your home office deduction. Sale of Home can be found by clicking on Personal Income, Continue, I'll Choose What I Work On, scroll down to Less Common Income, look for Sale of Home.