I used Turbo Tax w/Schedule C. Do it have special form to entry for self employed business closing in 2017 Tax Return? Do the closing need any special attachment form?

Am I right to put closing inventory amount in Form 4797 , Part II, Line 10 as inventory to personal use sale "Inventory disposed to personal use at closing business"?

Thank you.

posted

Connect with an expert

1 Best answer

Accepted Solutions

I used Turbo Tax w/Schedule C. Do it have special form to entry for self employed business closing in 2017 Tax Return? Do the closing need any special attachment form?

No there are no special forms. If you sold some of the assets of the business they will need to be entered as a sale.

Next year, when you start TurboTax you can elect in the beginning that you want to start with a lower version like Deluxe as the Self-Employed version will no longer be needed.

View solution in original post

1 Reply

I used Turbo Tax w/Schedule C. Do it have special form to entry for self employed business closing in 2017 Tax Return? Do the closing need any special attachment form?

No there are no special forms. If you sold some of the assets of the business they will need to be entered as a sale.

Next year, when you start TurboTax you can elect in the beginning that you want to start with a lower version like Deluxe as the Self-Employed version will no longer be needed.