TKTax Posted February 21, 2019 Report Posted February 21, 2019 Client sold assets from a business that ended 12/31/16. I no longer have a Schedule C, so all assets are unassigned. When I try to do a Bulk sale, it requires an activity. Any suggestions? Quote
grandmabee Posted February 22, 2019 Report Posted February 22, 2019 unless they are lots of assets then I would probably just put the schedule C back in with no activity. Quote
SaraEA Posted February 22, 2019 Report Posted February 22, 2019 I would think that since the business closed in 2016 and your client retained the assets, they are now his or her personal assets. Sch D. No losses allowed, but gains will be taxed (of course). 3 Quote
Lee B Posted February 22, 2019 Report Posted February 22, 2019 1 hour ago, SaraEA said: I would think that since the business closed in 2016 and your client retained the assets, they are now his or her personal assets. Sch D. No losses allowed, but gains will be taxed (of course). You nailed it ! Quote
TKTax Posted February 22, 2019 Author Report Posted February 22, 2019 Thanks everyone! I like the first answer, but I'm afraid SaraEa is probably right. I was hoping to use a loss. Quote
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