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Business & farm
It is best to report this as a "sold or closed business" - otherwise the program will continue to prompt you to answer business-related interview questions.
File the 2020 return with $0 in income and expenses, as well as check the option "Sold or closed the business during 2020.
Also, "dispose" of any assets that you may have been depreciating. Just go through the Asset/Depreciation interview and edit each asset to show that it is no longer in business use. Depending on how you disposed of the assets, you may have income or a loss (see Form 4797 Sale of Business Assets).
March 27, 2021
2:32 PM
645 Views