Thank You Carl, to taking time to answer, I do have follow-up questions highlighted in red.
At the beginning of the business section one of the screens has a selection on it for "I sold or otherwise disposed of this business in [tax year]. You must select that option and press on "as if" you still own the business. - Done
WHen you get to the business summary screen, you have to work through income and expenses, even if those amounts are all zeros. - Done
Next, you must work through the Business Assets section, and if any assets are listed there you must show your disposition of each and every asset one at a time. Start working through the first asset and on the screen that ask, indicate that YES you DID STOP USING this asset in [tax year]. Then continue working the asset through to report it's disposition - be it sold, removed for personal use, given away, stolen, destroyed, whatever. - Done section 179 items
Note that you must show your disposition for each and every asset listed, individually. - Done section 179 items
After you're finished with all the assets, if your business claimed ANY vehicle use at ANY time you were in business, then you will need to work through the business vehicle section to show the disposition of the vehicle - even if that vehicle was a personal vehicle not used 100% for the business. Most likely, your disposition of the vehicle would be "removed for personal use", beucase while not unheard of, it's rare that the sale of a business reported on SCH C would include the vehicle in that sale too. - On Vehicle screen where it ask you "You started using it as personal vehicle 100%, Your percentage of business use, You gave it as gift" etc. I choose "None of these apply" and went through next screens where it ask for Sales Price, Basis for gain/loss (Turbotax instructions tell me to leave it blank if you still have the vehicle, not sold and using it for personal use) and screen for calculate depreciation equivalent.
Finally, if your business carrys inventory and you still have unsold inventory, then you must make your EOY inventory balance $0. To do that, on the COGS screen simply indicate that all remaining inventory was “removed from the business for personal use” and this will make your EOY Inventory balance $0. If you sold the inventory as part of selling the business, then you would report it as such by making the COGS amount equal to the amount you paid for that inventory. Then you'd have to report the same amount as business income in the business income section. Subtract that amount from your business sale price, and it all works out in the wash. - What is COGS screen? It did not ask me for EOY inventory maybe because I selected "I sold or disposed the business".
Then you'd have to report the same amount as business income in the business income section - How do you do this?
My business sale price = Inventory amount + F&E and (No goodwill charged)
Sold Inventory as part of sale, the inventory amount will be considered as income? Where do you input that? or Turbox auto-calculate/input it?
