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I need to report the closing of my sole-proprietorship. I didn't know that I had to report the closure. Here are 2 scenarios for reporting the closure. Which one is best?
Sole-proprietorship reported on Sch C. 2014 profit, 2015 loss, 2016 loss. Closed Dec 2016. Depreciation of home office was deducted as an expense each year (I know that I have to report on the disposition of assets).
However, I didn't report the closure on my 2016 Sch C (I didn't know that I was supposed to report the closure).
What's the best way to avoid an audit? To report the closure and disposition of assets (disposition will not affect profit/loss), should I amend my 2016 Sch C , or should I report it on my 2017 Sch C with a profit/loss of $0?
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‎June 4, 2019
5:22 PM