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

[kaysbakery]

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...  

[TaxGuyBill]

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.

[TaxGuyBill]

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)?

[Critter]

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.