tammie
Level 3
03-27-2023
11:18 PM
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Client started a business in 2020; purchased about $9,000 in fixed assets which were mostly depreciated. He worked the business on and off in 2022 because he got a W-2 job. He now wants to close down the business. There is a little deprecation left on table, but most assets are zero. He has not sold the assets or disposed of them. Is there a place in Proseries to show that the business is gone, and assets are gone but not disposed or sold. I don't really know that there is any tax effect on this. Any help is appreciated.
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dkh
Level 15
03-28-2023
12:13 AM
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On Schedule C there is no place to mark business is closed and no requirement to do so either.
Does your client need to claim some Sec179 recapture ?