I recently closed my retail business which was very small... I chose not to sell my equipment as I can still use it at home as a hobby for myself. What do I put as furniture and equipment sold on my BOE form? Do I have to buy the equipment from the business and if so how do I determine the selling price?
When completing your BOE (Board of Equalization) form to report the closure of your retail business, you need to accurately report the furniture and equipment that you sold. In your case, since you are not actually selling your equipment but rather keeping it for personal use, you do not need to report their sale on the form.
If you are not selling your equipment, there is no need to determine the selling price. The BOE form is primarily for reporting the sale of assets that were part of your business. However, it is crucial to clearly indicate that you are keeping the equipment for personal use and not selling it.
To accurately complete your BOE form, follow these steps:
1. Review the form: Familiarize yourself with the specific requirements and instructions provided on the BOE form. Ensure that you understand which sections are relevant to your situation.
2. Identify sold assets: Since you are not selling any equipment, you can simply leave the section for reporting sold assets blank.
3. Provide necessary information: Enter the relevant details such as your business name, contact information, and any other requested information. Ensure accuracy and verify all information before submitting the form.
4. Explain in additional comments: In the comments section or any other designated space on the form, clearly mention that you did not sell any furniture or equipment, but rather retained it for personal use as a hobby. This explanation will help eliminate any confusion or potential issues with the form.
Remember, it's always a good idea to consult with a tax professional or accountant who can provide guidance specific to your situation and any specific state or local requirements.