Question by Eric M: 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.
Best answer:
Answer by Marvin M
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.
Give your answer to this question below!