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FEE BASIS:remove personal business topic

I use TurboTax annually. Until the past Tax year, I had 

the usual employee based job AND did Fee Basis work. This past year, I did no Fee Basis  work but continued my usual 

employment. THus, no income or expenses for Fee Basis 

business. The Fee basis portion transferred over with the

new TurboTax. How do I remove the Fee Basis topic from my 2020 taxes since I made $0 and had no expenses or  depreciation? Or ,do I just need to enter $ 0 for all of the 

Fee Basis information and be more aware next year and 

not  transfer this info over? Please advise 

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1 Reply
MaryK4
Employee Tax Expert

FEE BASIS:remove personal business topic

Follow these steps to close out the business:  How do I delete a prior-year Schedule C business  

 

A sole proprietor, someone who owns an unincorporated business by themselves – must take certain actions if they want to close their business. They must file final forms and schedules whether they've been in business a few months or many years. See Closing a sole proprietorship | Internal Revenue Service

 

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