Schedule C asset removal

Forum|Forum|6 years ago
February 27, 2020
2 replies
27 views

What is the best (proper) way to handle the closure of a Schedule C which operated through year-end 2018, but not in 2019? Do I dispose of each asset as of 1/1/2019 and then remove the 2019 Schedule C from the formset? Or just remove the Schedule C, figuring that the associated assets are then "disappeared" by ProSeries, since there is no tax event with a transfer to personal ownership?

ProSeries Professional

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Best answer by taxiowa

Print out depreciation report and keep in their file if the asset is sold in the future after business is closed. Otherwise you can delete Schedule C and attached forms.

taxiowaAnswer

Level 8

Print out depreciation report and keep in their file if the asset is sold in the future after business is closed. Otherwise you can delete Schedule C and attached forms.

C

ClickAuthor

Level 3

Very simple, as I had hoped. Thanks for the confirmation. I had not thought of printing out the asset schedule for the client's permanent folder, but that is a great idea.

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