Business

Ccjwest1 — Wed, 19 Feb 2025 18:06:50 GMT

I closed my business in 2024 and made no income. Do I need to still list the business and assets?

Re: Business

ThomasM125 — Wed, 19 Feb 2025 18:18:04 GMT

If you mean you worked as a sole-proprietor and you didn't do any business in 2024 you may not need to report the business on your tax return. One reason you would need to report it is if you had taken section 179 or special depreciation on assets, you would need to add (recapture) some of the advance depreciation you had deducted in prior years as income in 2024. You would do that by reporting the assets converted to personal use.

Also, if you had loss carryovers from things like qualified business income (QBI) or unused business credits or unallowed losses on a home office you can report the business in 2024 to keep those intact in case you do business again in the future.

The best thing to do would be to enter the business section and indicate that you terminated the business and TurboTax may address issues that would affect you in 2024.

topic Business in Deductions & credits

Business

Re: Business