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spokiehawk
New Member

If December 2017 was the last year I had my business how do I declare this on my taxes? Thank you

 
2 Replies
JulieCo
New Member

If December 2017 was the last year I had my business how do I declare this on my taxes? Thank you

You will want to note in the general information section of TurboTax about your business that 'worked stopped in 2017."  

To get to this section in TurboTax if your business is already set up, take these steps:

  1. In your Federal return, select the Income & Expenses tab at the top of the screen.
  2. Select to Edit/Add Self Employment Income & Expenses, then select your business you want to edit.
  3. The next screen should be a general summary screen of your business, select to Edit the General Info of the business.  See sample screenshot.  On the next screen, select to Edit the top section (also called General Info).
  4. Continue through the screens until you come to one titled "Tell us how long you've worked in {business name}".  Select the I stopped {business name} in 2017 option.  See sample screenshot below.  You will then be asked a question as to whether the business was sold.  

Going through this process will notify IRS that business has ended in 2017.  




spokiehawk
New Member

If December 2017 was the last year I had my business how do I declare this on my taxes? Thank you

Thank you! What if I didn't sell the business, there is no dollar amount to say I sold it for, just stopped the business? And the assets I paid off and are still on my property?
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