You'll need to sign in or create an account to connect with an expert.
If you have sold $5000-ish, you DO have income, and need to report the business income.
You need to report your year-end 'stock'/Inventory, and indicate how much you withdrew for personal use (giving away to friends and family).
If you have COMPLETELY finished selling things, and will ONLY give away items in 2019 (no more sales, no matter what method), then you would indicate your entire Inventory is withdrawn for personal use, and you ending Inventory would be $0.
If you may still try to sell more in 2019, you need to enter your year-end Inventory, and then file for the business again for 2019 for any sales.
If you have sold $5000-ish, you DO have income, and need to report the business income.
You need to report your year-end 'stock'/Inventory, and indicate how much you withdrew for personal use (giving away to friends and family).
If you have COMPLETELY finished selling things, and will ONLY give away items in 2019 (no more sales, no matter what method), then you would indicate your entire Inventory is withdrawn for personal use, and you ending Inventory would be $0.
If you may still try to sell more in 2019, you need to enter your year-end Inventory, and then file for the business again for 2019 for any sales.
Closed SCH C Business
You need to report your business as "sold or otherwise disposed of".
Start working through your business "as if" you still own it. On the 2nd or 3rd screen in select the option for "I sold, closed or otherwise disposed of this business in 2017". If prompted for the date, enter the day after you last day of business in 2017.
If your business had no income in the tax year, you can not leave the business income section blank. You 'must' enter a digit, even if that digit is a ZERO.
If you had no business expenses, then you can leave that blank and don't even have to work that section through, if you don't want to.
If your business carried an inventory, the end of year (EOY) inventory must be zero. If it's not, then in the COGS section (Inventory/Cost of Goods Sold) indicate that you removed the entire remaining inventory for personal use. That effectively makes your EOY inventory balance, zero.
If your business had assets, then you must show the disposition of those assets. In the Business Assets section work through each individual asset on at a time, and select YES on the screen, "DId you stop using this asset in 2016?". Then on the next screen, "Special Handling Required?" if you sold the asset, select no and you will be prompted for your sales information on that specific asset. If you did NOT sell the asset, click the YES button. You must do this for each individual asset listed, even if it's already fully depreciated.
If you claimed any vehicle expenses in your business at any time from the day you opened your business, then you must most show the disposition of that vehicle. Work through the Business Vehicle Expenses section and indicate that you stopped using that asset in the business, when prompted. Then show your disposition of that vehicle. Most likely, you'll indicate that it was removed for personal use.
Once you have done all the above, that will make the 2017 tax year the last year you will file a SCH C for this specific business.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
devinrendon27
New Member
MJM10
Returning Member
MJM10
Returning Member
fastlapp
Level 2
trust812
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.