TKTax Posted February 21, 2019 Report Share 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 Link to comment Share on other sites More sharing options...
grandmabee Posted February 22, 2019 Report Share Posted February 22, 2019 manually use the 4797. Quote Link to comment Share on other sites More sharing options...
grandmabee Posted February 22, 2019 Report Share 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 Link to comment Share on other sites More sharing options...
SaraEA Posted February 22, 2019 Report Share 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 Link to comment Share on other sites More sharing options...
Lee B Posted February 22, 2019 Report Share 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 Link to comment Share on other sites More sharing options...
TKTax Posted February 22, 2019 Author Report Share 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 Link to comment Share on other sites More sharing options...
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