Comments on: Ending a home based business – what are the tax implications?

By: JK Harris

JK Harris — Fri, 22 Aug 2008 13:16:07 +0000

There is nothing you have to do to notify the Internal Revenue Service that you have stopped your home business. The only record you need to keep is the amount of depreciation taken on the property in the event of a sale.

By: Judy

Judy — Thu, 21 Aug 2008 16:31:40 +0000

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.

By: Marvin M

Marvin M — Wed, 20 Aug 2008 04:20:36 +0000

You just stop writing it off. Just include what is current – at least for the past year. When it asks for the code for what you do – you can only put in what is relevant for that year.