PatriciaV
Expert Alumni
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Get your taxes done using TurboTax

If you have closed your self-employed business, you should file a final Schedule C this year. Don't delete anything. Instead, go through the TurboTax interview for the Business Profile. On the page "Tell us about your business," check the box for "I sold or disposed of my business," but not via a sale. Your carryover losses should be available to offset other income on your return.

 

Choose one date as the date you closed your business and use that for all questions about when you stopped.

 

Since you have a home office and vehicles, you'll need to report that you stopped using them for business as well. On any page for "Special Situations" or "converted to personal use," check the box for these options (no sale). 

 

Enter any income and expenses for the portion of the year when your business was active.

 

Schedule C will be included with your return this year but should not carry over to next year.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post