How do I report dissolution of a sole proprietorship on Turbo Tax, and how do I report small assets sold or converted to personal use?

Forum|Forum|3 years ago
January 13, 2023
2 replies
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No employees, just stopped doing business and sold a few assets and converting the rest to personal use. I have tracked the assets sold and will report as income. Not sure if there's anything else I need to do?

TurboTax Self Employed Online

Best answer by Critter-3

I should probably clarify the equipment sold were things like a camera or microphone.

Unless you like making more work for yourself for no reason just put it in general income.

Critter-3

There is nothing special to closing down a Sch C business without employees. Just account for the assets sold or converted to personal use in the asset section and indicate in the business info section of the program that this was the last year of business so the Sch C is not transfered to the 2023 program next year.

M

MB86Author

Employee

Thanks I couldn't see where in assets I report the sale....or do i just report them as income?

A

Anonymous_

Employee

See https://www.irs.gov/businesses/small-businesses-self-employed/closing-a-business

If no goodwill (going concern value) attached to the assets you sold, then you basically only need to report the sales of the assets you sold (as the sale of business assets).

M

MB86Author

Employee

Thanks no goodwill going concern value was just a photography business now shut down (I retired) but I couldn't see where I report the few assets I sold?