I am trying to close out a schedule c for photography and convert the assets to personal use.
The only things on the 4562 are sale, abandonment, and something else. They generate loses for some of my assets, which I don't want to take.
Question does not exist. I went through the step by step and never saw that question.
Answer "yes" to the Special Handling question (you converted the asset to 100% personal use).
Your solution.
but if you are depreciating a vehicle or other assets, these will show up on Schedule C under depreciation expense. It would be best to "dispose" of those assets, in TurboTax. You will choose "converted the assets to personal use".
Answer "yes" to the Special Handling question (you converted the asset to 100% personal use). When you convert an asset to personal use, there is no gain to report.
