Schedule C asset removal

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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?

[taxiowa · Accepted solution]

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.

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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.