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arielbobbyclift
New Member

I use to sell marykay. I quit last year 2016 how do i list that?

I was still selling MaryKay at the beginning of 2016. But I sold my inventory back to MaryKay and received a check for a percentage of it in August. How do I list everything.
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Accepted Solutions
IsabellaG
Employee Tax Expert

I use to sell marykay. I quit last year 2016 how do i list that?

You don’t have to file any special forms to close out a Schedule C Business. 

To close out your business on your 2016 tax return,  go through the business section of your return as usual. 

·         Go to the Business Profile, and choose Update.

·         On the screen Let’s confirm your business info, scroll down to the line Disposed of Business in Current Year.

·         Choose Edit, and change your answer from No to Yes.

·         On the drop-down menu, choose that you did not close your business in any of the ways mentioned.

Continue entering your income and expenses for 2016, and include the income from the return of merchandise to Mary Kay. If you sold any equipment, or stopped using a vehicle that you used for this business, you will enter that information in the business sections that deal with vehicle expense and depreciation.

Next year, you simply don't report that business any more. 

Please see the screenshots below.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
IsabellaG
Employee Tax Expert

I use to sell marykay. I quit last year 2016 how do i list that?

You don’t have to file any special forms to close out a Schedule C Business. 

To close out your business on your 2016 tax return,  go through the business section of your return as usual. 

·         Go to the Business Profile, and choose Update.

·         On the screen Let’s confirm your business info, scroll down to the line Disposed of Business in Current Year.

·         Choose Edit, and change your answer from No to Yes.

·         On the drop-down menu, choose that you did not close your business in any of the ways mentioned.

Continue entering your income and expenses for 2016, and include the income from the return of merchandise to Mary Kay. If you sold any equipment, or stopped using a vehicle that you used for this business, you will enter that information in the business sections that deal with vehicle expense and depreciation.

Next year, you simply don't report that business any more. 

Please see the screenshots below.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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