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Get your taxes done using TurboTax
It depends.
If the business was operating in 2019 as a business, it would technically still need to be reported on Schedule C as a self-employed business on your 2020 tax return.
You would also need to follow the steps provided by AnnetteB6 above to ensure the activity is reported as ending in 2020.
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March 7, 2021
9:52 AM