On the asset entry worksheet for each asset, show the date the business closed as the date sold but don't enter anything in for a sales price. That is assuming you are dealing with a schedule C business.
Thanks for getting back to me.
I was hoping to get the step by step... like
1. Go to Screen 22 "Depreciation". Each asset attached or related to the closed business will have to be addressed in this way, so highlight the first asset you want to report.
2. With the asset highlighted, scroll down to "Additional Information" and enter "1" Delete this year or "2" Delete next year. Note: If you select "1" the software removes it from the 4797 form and it also will remove it from the Critical Diagnostic for efiling purposes.
3. With the asset highlighted, scroll down to the section "General Disposition Information"
4. Enter the date the business closed if known, otherwise enter 12/31/ of the tax year you are preparing.
5. Scroll down to the section "Sale of Asset" enter the sales price, or if it was not sold, enter "-1"
The above steps causes those assets highlighted to appear on form 4797 and boom bada bing.. the business is closed, and you are ready to efile.
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