Last Schedule C for 2023

[rcherpak]

A self-employed woodworker with no employees will be filing his last Schedule C in 2023. Are there any special requirements he must meet since this will be his last Schedule C? He’s been depreciating three pieces of equipment (e.g., table saw) and a work shop adjacent to but not attached to his personal residence. He did not take any home office deductions. He has not sold any equipment or the personal residence or workshop, so no depreciation recapture I assume. The workshop was built about three years ago. Thank you. Richard

[TaxGuyBill]

Unless they used Section 179 for the depreciation of the equipment, you are right, nothing special.

Just keep track of the Adjusted Basis of the equipment for if/when it is sold. And keep track of the depreciation of the worksheet for whenever the home is old.

[rcherpak]

Thank you for your quick reply