Yes. Now that you've removed all the assets of the SCH C business for personal use, that stops depreciation on those assets effective the date you stopped using those assets in the business.
Now in TurboTax Business go ahead and get started. Below is information that you will need as you work it through.
- Date business started - This will be the date the business originally opened, and will be the same date you opened the SCH C business all those years ago.
- Date of incorporation - This date will be one day AFTER you closed the SCH C business.
Now for the assets, you need to find the IRS Form 4562 from the printout you did for the SCH C business that was closed. There's two of them that print in landscape format. You want the one that is titled "Depreciation and Amortization Report" You need to match things up with this report, as you enter your asset information into the Business program.
If you took a Special Depreciation Allowance or SEC 179 deduction on an asset, just skip that asset for now, and we'll deal with it last.
When asked for the name or description of the asset, enter it exactly as it appears under the Asset Description column of the 4562.
When asked for date the asset was placed in service, the date you enter in the program must match the date under the Date In Service column for that asset.
When asked for the cost of the asset, the amount you enter must match what is in the Cost (Net of Land) column for that asset.
When/if asked for business use percentage, I'm assuming 100%
When asked for prior depreciation already taken on the asset, you have to do a bit of addition to get the "correct" figure you will enter in the business program. Basically, you have to include the current year (2017) depreciation already taken for that asset on the SCH C. So to get the correct number to enter in the business program for prior depreciation already taken, take a look at the 4562 from the SCH C. Add together the amounts in the Prior Depreciation and Current Depreciation column for that asset. Then when the business program asks you for the prior depreciation already taken on that asset, you will enter the total you got, there.
That should be enough to get you going on this.
Just keep in mind that you can not file your personal return yet. After you complete the business return, the business will issue you a K-1 which you will need to report on your personal return. Also, it matters in what order you e-file too, so that you don't end up with an unjustified rejection that will force you to have to mail your returns to the IRS.
