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coastalstriping
March 11, 2025
Question

If the balance of $914.49 in the business account when business is closed is transferred to personal account where would I record it?

  • March 11, 2025
  • 1 reply
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    1 reply

    VictoriaD75
    VictoriaD75
    March 12, 2025

    Was your business a sole proprietorship? If so, this is just a transfer of equity and assets. This means it is a balance sheet transaction that is not reported on the Schedule C and cannot be considered a business expense. The same would hold true if this were a single-member owned LLC. Different types of business entities may require a different approach.

     

    @coastalstriping 

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