I had a side-business acquiring and selling sports collectibles. I did not do any of it in 2022. How do I "close" it for purposes of Schedule C?

[afrostpc]

The collectibles that I did not sell, I plan on keeping. My thought is just to offset the inventory reduction as a "sale" to myself.  Thoughts?

[JulieS · Accepted solution]

If you had no self-employment income or expenses and did not try to work the business during 2022, you can just delete the Schedule C. 

The unsold inventory was not deducted in a prior year, so you don't have to account for what you did with it after closing your business. 

[afrostpc]

Thanks, Julie. Even if I didn't mark that I had "stopped" this business on my prior year return? It was not my intention to not participate in the business this year, but life happened.

[AliciaP1]

Yes, you do not have to "stop" a Schedule C before you stop filing it.  It is based on if you have income/expenses for the business during the year.

@afrostpc