I am retiring and closing my business. All assets will be converted to personal use. I've gone through each asset and marked it for special handling. However, when I get to the home office it's asking for a sales price. There is no sales since it's being converted to personal use. What do I enter here? If I enter 0 I show a loss on schedue 1 that appears to be the difference between basis and depreciation taken. Is this correct? Also, I have expenses not deducted in prior years ( operating expenses and depreciation not allowed.) What happens to these if I closed the business.
