Jcecocn
New Member

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?