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How to abandon small business
I've run a small business for years. At the end of 2015 the business was tentatively abandoned. But, I did not mark the business as closed in 2015 taxes, as I was not sure if the business would remain closed or not. As it turns out, I did zero business in 2016.
Based on the wording in TurboTax I'm unsure if I should just delete the business from the income panel, or if I should leave it in and mark all previous entries: income, expenses, assets, etc. to zero.
Which option would not raise any flags with the IRS?
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‎June 4, 2019
1:38 PM