How do I report dissolution of a sole proprietorship on Turbo Tax, and how do I report small assets sold or converted to personal use?

[MB86]

No employees, just stopped doing business and sold a few assets and converting the rest to personal use.  I have tracked the assets sold and will report as income.  Not sure if there's anything else I need to do?

[Critter-3]

There is nothing special  to closing down a Sch C business without employees.  Just account for the assets sold or converted to personal use in the asset section and indicate in the business info section of the  program that this was the last year of business  so the Sch C is not transfered to the 2023 program next year. 

[Anonymous_]

See https://www.irs.gov/businesses/small-businesses-self-employed/closing-a-business

If no goodwill (going concern value) attached to the assets you sold, then you basically only need to report the sales of the assets you sold (as the sale of business assets).

[MB86]

Thanks I couldn't see where in assets I report the sale....or do i just report them as income?  

[MB86]

Thanks no goodwill going concern value was just a photography business now shut down (I retired) but I couldn't see where I report the few assets I sold?

[Anonymous_]

Which version of TurboTax are you using?

You need to enter the transactions in the Sale of Business Property section.

[Critter-3]

If they were listed as depreciable assets you sell them off in the asset section otherwise the sale is just added into the total income amount reported. 

[MB86]

They were all fully depreciated....section 179 each year (not high prices).  So do I need to account for each asset in the asset section or just list as other business income what I was paid?  Thanks.  

[Critter-3]

Then simply add it to the regular income on the Sch C. 

[MB86]

I should probably clarify the equipment sold were things like a camera or microphone. 

[Critter-3 · Accepted solution]

Unless you like making more work for yourself for no reason  just put it in general income.