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Continuing to show a loss on a Schedule C business could lead the IRS to deem the business a hobby and disallow the losses you are claiming.     If you did not have any income from the business for 2025 and only incurred expenses, then you may want to consider 'closing' the business.  As long as you do not have any assets being depreciated under your Schedule C, then it is a simple process of not filing the Schedule C.  If you do file the Schedule C for 2025, then there is a checkbox in the Business Info section stating that you sold or disposed of your business in 2025.  Checking this box will prevent the Schedule C from carrying over to your 2026 tax return.   If you do have assets being depreciated, you will need to go into each asset entry and indicate that you stopped using it for business purposes.  TurboTax will guide you through any other steps in this section.   In the future, if you have income, you could claim it as hobby income.  However, the current tax law does not allow you to claim any expenses for hobbies.

Hi mesquitebean,   Thanks for your reply.   My 2025 return was prepared using Online TurboTax.   I do not want to amend my online 2025. Or experiment on my filed Online return.   Any recommendations for the Online TurboTax version?   Thank you.    

seems like an issue with the contribution inputs I'm guessing you input 7k as the Trad IRA contribution but you just give 2800, it should not include Roth contributions that were recharacterized); and then input the 4200 Roth Contribution and recharacterization details   (once line 1 is fixed you should get the right outcome on line 14).

Thanks for responding, although I don't think those situations apply. - I did not check the boxes for Real Estate Professional as I agree that the losses would be allowable if I were a RE Pro. I'm not an RE Pro and my income is over $150k, so the losses shouldn't be allowable. - Rental Days were 254. - Property was not sold, so I didn't free up suspended losses by exiting the activity. - No offsetting passive activity income.   In the past, my losses were transferred to line 1b and then showed as a disallowed loss carryover. I started a new return and it seems to be working now, so it may just be a glitch in the software since I started preparing my return before the depreciation schedules were ready.

So, again you give me a scenario that is not addressing the issue.  I did not choose to have my fees taken out of a refund.  I am paying for my daughter a young adult with limited income to file her tax return and teaching her how to file her taxes at the same time.  I pay for the filing from my credit card.  Hence, the issue is the forced entry of the credit card details twice during the course of completing the state filing. Each time credit card information is entered it immediately bills.  Resulting in paying $80 for e-filing fees for ONE (1) billable state.  Just in case that is difficult for you here it is again.  ONE (1) State = $80 paid.  OKAY, do you understand the problem now?  

@cmurray936  I have the Home & Business for Windows.   I buy mine from Costco Online.  Costco gives a$10 rebate that is applied to the first additional fee you have, like the state efile fee.  So your fees should be… Your state efile $25.   Your daughter’s extra state download $40.  Then her 2 state efiles are  $25+25.   So $25+40+25+25=$115.00.      I guess you didn’t read my post.   You don’t get a free state efile.  EACH state return is $20 or $25 to efile.   What you got was a free state program download.   Box or email invoice should say Federal Returns & Federal E-File plus State Returns.  It does not say state efile is included.

Report the business as if you bought it from the bank. The interest portion of your payment would be a business expense. As far as other items and their deduction, it depends on what you actually purchased. Your cost of each property associated with the purchase must match the same amount used by the seller. Goodwill - Section 197 Intangible- Acquired goodwill is amortized straight-line over 15 years Equipment - 7 or 5 year property as a rule Building - Depreciated over 39 years (nonresidential real estate) Most importantly is that both the buyer and seller must have the exact same information on Form 8594.  Use the link to print the form and complete it.  A second option would be e-file your tax return and then file an amended return attaching only that form.   Who must file Form 8594? Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale if: goodwill or going concern value attaches, or could attach, to such assets and the purchaser's basis in the assets is determined only by the amount paid for the assets. When To File Generally, attach Form 8594 to your income tax return for the year in which the sale date occurred. If the amount allocated to any asset is increased or decreased after the year in which the sale occurs, the seller and/or purchaser (whoever is affected) must complete Parts I and III of Form 8594 and attach the form to the income tax return for the year in which the increase or decrease is taken into account.   Update here with additional details if you require further assistance.

If you are trying to find your depreciation schedule in the current year return, in TurboTax Online, go to the Print Center. You would need to have paid for your product in order to print. Choose to Print, Save, or Preview this year's form. The Depreciation and Amortization Report are near the end of the documents in the Federal return.    If you are trying to find your depreciation schedule from last year's return:   1. Navigate to "Tax Home" 2. Scroll to the bottom and click on "Your tax returns & documents" to expand the options 3. For the year you're interested in, click "Amend (change) XXXX return." XXXX represents the year in question 4. Confirm by clicking "Amend using TurboTax Online" 5. On the next screen, look to the tool bar on the left side of the window. There should be an option for "Tax Tools." Click this to expand options, then click "Print Center" 6. Click "Print, save or preview this year's return" 7. Select the checkbox for Federal return (and any other return you want to save), plus the option to "Include government and TurboTax worksheets (optional)"   Once you save and open the pdf, you should be able to find the depreciation schedule.   See this help article for more information.   @08micev