@Sat2021 wrote:
Effective December 31, 2020, I closed my sole proprietor business.
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).
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
That needed to have been done on your 2020 tax return, not your 2021 tax return. You may need to amend to get things correctly done for 2020.
