Effective December 31, 2020, I closed my sole proprietor business. For all of 2021, I have had no business income or any business expenses. For this year's filing on Turbotax, in my "Business Profile", I will indicate that I have Disposed of Business in Current Year: "Yes" (2021).
I have no inventory to dispose of however I do have some assets that I have been depreciating over the last few years. I will be keeping those assets (for now).
Will the above "Disposed of Business in Current Year" flag properly remove the assets from depreciation? Do I need to go in line by line and convert the assets to personal use or must I do something else?
Thanks.
