There is not a ''final'' Schedule C; you will indicate under the business profile that the business ceased operations in the current year (put a check mark next to ''I stopped this work in 20XX''). See image attached. This will permit you to “dispose” of any business assets you have been depreciating so TurboTax can calculate any gain or loss on the disposition. You can dispose of the business assets through the Business Assets interview of your business. This is only available in TurboTax Self-Employed or Home and Biz.
Then next year, delete the Schedule C.
You should keep a record of how much depreciation you claimed (if any) for the home office space. Your basis in the home (your cost) is reduced by the amount you were able to deduct as depreciation. Although it is rare, that may have an effect on the tax consequences if and when you sell your home. If you weren't able to claim a home office deduction in any year or years (insufficient taxable income), the depreciation for those years can be ignored.
To delete the Schedule C, click here: How do I delete a prior-year Schedule C business that transferred over?
