It depends. The proper way to handle your depreciable assets when you close your business is to report their disposition. Did you sell the assets? Convert them to personal use? The manner in which you dispose of the assets will affect the deductions you receive on the final tax return. If your business was destroyed, then you might write off the assets, net of accumulated depreciation. But otherwise, you should work through the depreciation section for each asset and report the disposition information. TurboTax will help you determine the final outcome from your entries.
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