MarilynG1
Expert Alumni

Get your taxes done using TurboTax

Yes, you can Edit the Assets and indicate 'converted to personal use'. You could try changing the date you stopped using to 12/31/2021 to not generate any 2022 depreciation, but it would be better in that case to Amend your 2021 return to report this.  The small amount of depreciation generated for one day in 2022 will still generate a Schedule C for you, though. 

 

Save the Forms 4562 that show Accumulated Depreciation for each asset as you will need these amounts if and when the asset is sold (including the house for Home Office).

 

In the 'Business Profile' section, you can indicate that you 'sold or disposed of your business in 2022'.

 

Here's more info on Closing a Business. 

 

@JCP9 

 

 

 

 

 

 

 

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