topic Sole proprietor business disposal in Business & farm

Sole proprietor business disposal

evmost — Sat, 01 Jun 2019 05:05:00 GMT

Previously claimed sole proprietor business for multiple years but did not have any income or expenses for 2016. Do I have to prepare a Schedule C or any other forms or can I just file with my standard income taxes as I work for another employer now.

Since you filed Schedule C in the past (such as sole prop...

Coleen3 — Sat, 01 Jun 2019 05:05:01 GMT

Since you filed Schedule C in the past (such as sole proprietorship or single member LLC), closing a business couldn't be easier. TurboTax will ask you if you disposed of your business during the year. Once answered - there is nothing else to do for your income tax return. No additional forms are needed.

If you sold the business to someone else, TurboTax will guide you through the disposition process and include the transaction on your income tax return.

If you are closing a business that had employees or assets, please see below link for guidance:

From <https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Closing-a-Business/INF12028.html>

This situation applies to my spouse. TurboTax hasn't aske...

cheyenne-sexton1 — Sat, 01 Jun 2019 05:05:03 GMT

This situation applies to my spouse. TurboTax hasn't asked if she disposed of the business during the year. Any tips?

I can't find where to tell it that I sold the business -...

dtr — Sat, 01 Jun 2019 05:05:04 GMT

I can't find where to tell it that I sold the business - this doesn't actually seem to be in the system "TurboTax will guide you through the disposition process"

Re: Since you filed Schedule C in the past (such as sole prop...

dabbindan — Wed, 26 Feb 2020 19:14:16 GMT

once I entered that i sold my sole proprietorship to a non family member, that seems to be the end of it. I don't see where i'm guided to entering the sale profit so i can pay the taxes due on the sale.

Re: I can't find where to tell it that I sold the business -...

dabbindan — Wed, 26 Feb 2020 19:36:48 GMT

more accurately, i told tt i sold the business but that does not seem to take me anywhere to report the sale price and calculate the taxes owed.

Re: Sole proprietor business disposal

ColeenD3 — Sun, 01 Mar 2020 21:36:34 GMT

You will need to file Form 4797, Sale of Business Property. If your sale involves more than just selling of assets, see the following links for more information.

Sale of Business

Pub 544