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DO I FILE A DEPRECIATION SCHEDULE IF MY BUSINESS IS CLOSED AND ALL ASSETS WERE SOLD

JUST WONDERING IF I DEPRECIATE ANYTHING AT ALL SINCE EVERYTHING WAS SOLD AT THE CLOSING OF THE BUSINESS. IF NOT, THEN WHERE DO I APPLY THAT LOSS AS EVERYTHING WAS SOLD OFF FOR LESS THEN ITS VALUE...  

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DO I FILE A DEPRECIATION SCHEDULE IF MY BUSINESS IS CLOSED AND ALL ASSETS WERE SOLD

You will go through and "edit" each Asset and indicate it was sold, and enter the sales information.  TurboTax will then claim a partial year of depreciation, and report the sale.

DO I FILE A DEPRECIATION SCHEDULE IF MY BUSINESS IS CLOSED AND ALL ASSETS WERE SOLD

However, did you ONLY sell the assets, or did you sell the entire business?  Is this a corporation, or is it a partnership, or is it a Sole Proprietorship (Schedule C on your personal tax return)?

DO I FILE A DEPRECIATION SCHEDULE IF MY BUSINESS IS CLOSED AND ALL ASSETS WERE SOLD

Ok ... you will have depreciation for the time you did own the assets and then you will sell off all the assets and the losses (& depreciation recapture if any) will show on the form 4797 ... just follow the program interview step by step. 

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