PatriciaV
Expert Alumni

Deductions & credits

If you convert an asset to personal use, you will indicate that on the asset interview. No sale is recorded, so you need to keep good records in case the asset is sold in the future. You'll pay taxes on the depreciation expense that you took while it was used for business purposes.

 

When you close the business, be sure you handle closing out all the assets before you report that the business is closed. 

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