small business closure and cca

[paavementmarking]

Sorry every answer deems another question.  Sorry about that but bear with me.

Do I clear out these assets at fair market value this year (final year of business) or next year after business is closed?

[TurboTaxSusan · Accepted solution]

If 2023 was your final year in business, then you would dispose of the assets on your 2023 tax return.

[paavementmarking]

Thank you very much.  I appreciate you sticking with me to answer my questions.