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Business & farm
There may be some things carried over from last year that need to be reported in this, your final year. If you took accelerated depreciation on an asset, such as section 179 or bonus depreciation and you converted the asset to personal use, then you may need to deal with something like that by going through the business section in TurboTax and indicating that you converted the asset to personal use. Similarly, if you reported ending inventory on last year's tax return, you may need to account for it's disposition this year.
I suggest you go through the business entries in TurboTax and when you are done if there are no items of income or expenses entered, then delete the business from your TurboTax.
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‎January 7, 2022
1:03 PM
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