You don’t show on your tax that you ended the business, but keep track of the depreciation allowed or allowable while you were claiming the home office deduction – you’ll need that number when you sell the house.
Ending a home based business – what are the tax implications?
I’ve been writing off my home based business for the last few years. If I stop using that portion of my home solely for my business, how do I indicate that on my taxes?
Additionally, does anyone know of any resources that indicate what the implications are of stopping a home based business write-off?
I see lots of information on how/what to write-off for a home based business, but can’t seem to find anything on what to do when that ends.
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Judy
July 4, 2009
