Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
A
afrostpc
April 17, 2023
Solved

I had a side-business acquiring and selling sports collectibles. I did not do any of it in 2022. How do I "close" it for purposes of Schedule C?

  • April 17, 2023
  • 2 replies
  • 0 views
The collectibles that I did not sell, I plan on keeping. My thought is just to offset the inventory reduction as a "sale" to myself.  Thoughts?
Best answer by JulieS

If you had no self-employment income or expenses and did not try to work the business during 2022, you can just delete the Schedule C. 

 

The unsold inventory was not deducted in a prior year, so you don't have to account for what you did with it after closing your business. 

2 replies

J
JulieSAnswer
April 17, 2023

If you had no self-employment income or expenses and did not try to work the business during 2022, you can just delete the Schedule C. 

 

The unsold inventory was not deducted in a prior year, so you don't have to account for what you did with it after closing your business. 

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    A
    afrostpcAuthor
    April 17, 2023

    Thanks, Julie. Even if I didn't mark that I had "stopped" this business on my prior year return? It was not my intention to not participate in the business this year, but life happened.

    AliciaP1
    AliciaP1
    April 17, 2023

    Yes, you do not have to "stop" a Schedule C before you stop filing it.  It is based on if you have income/expenses for the business during the year.

     

    @afrostpc 

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
      TurboTax Sign In Widget
      TurboTax flag icon

      Unlock tailored help options in your account

      Create an account
      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification