Re: I sold mary kay in 2018 and experienced losses, which i reported. I stopped in 2018 and operated in no capacity in 2019. However it is still showing a deductible amount?
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I sold mary kay in 2018 and experienced losses, which i reported. I stopped in 2018 and operated in no capacity in 2019. However it is still showing a deductible amount?
I sold mary kay in 2018 and experienced losses, which i reported. I stopped in 2018 and operated in no capacity in 2019. However it is still showing a deductible amount?
Sounds like you did not officially close the business in the Sch C section on the 2018 return and you had assets you were depreciating. Close the business as of 1/1/19 on the 2019 return ... complete the Sch C section and retire all the assets to personal use or report them sold if you sold them.