Business & farm

Solved by TTAX support. Applies to my situation of tax year 2019.

a) print all asset and depreciation schedules and summaries to keep a record of Acquis Date, Placed in Svc Date, and Cost/Basis/Business %, Depr for 2019, Accum Depr, Sec 179 purchases, etc. as you will be deleting sched C (below) in tax year 2020, and you may end up selling any equipment. If so, you may need to recapture depr on some assets.

 

1) if you had sched c income and? expenses for tax year 2019, you must file a sched c for the year.

2) if converting to personal use (not selling, abandoning, etc.; you still have all the equip, DO NOT fill in the Sale date and zero for amounts. I did that for 245 assets and now I have to go thru them again and remove the sale dates.

3) in the 2020 tax year, you will Delete the sched C form. Most of the responders here did mention using the step by step interview for Income and Expenses, drilling down to the sched C and there is a Delete button there. It may offer a convert to personal, but I am not going to test that for fear. But in 2020, I assume that if you delete the sched C form even from View Forms Mode (the only way I enter data), it will work properly.

4) Deleting the Sched C in the 2020 tax year, (has to be No Activity), TTAX will delete all supporting schedules. Many of those depr schedules and home office form, will have numbers in them, but you will delete the sched C as your first task, as "C" does not apply to you anymore.