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jandwhargett
New Member

Why is schedule C showing depreciation of vehicle when business was closed in 2012?

Schedule C was transferred with a car depreciation amount. The business was closed in 2012. Car was depreciated for 7 years. Do I get this amount even though business closed and car out of service?

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Cattlerancher
New Member

Why is schedule C showing depreciation of vehicle when business was closed in 2012?

To close a business in TurboTax you must report how you disposed of all business assets in your Asset Summary and check the box in the business information section that reports you have closed/disposed of this business. Once that is done, TurboTax will quite depreciating assets. You can only amend a tax returns three years back.

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Cattlerancher
New Member

Why is schedule C showing depreciation of vehicle when business was closed in 2012?

To close a business in TurboTax you must report how you disposed of all business assets in your Asset Summary and check the box in the business information section that reports you have closed/disposed of this business. Once that is done, TurboTax will quite depreciating assets. You can only amend a tax returns three years back.

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