Do I need to file Schedule C?

I started the business in 2006 and claimed a loss of the business income and filed a Schedule C for 2006.But, I only participated passively(less than 500 hours) in my business for 2007. I did not sell any inventory nor did I buy anymore. I used some items from the inventory for personal use. I did not have any expenses for 2007. I plan to close the business this year 2008. Do i need to file a Schedule C for 2007 and if so what line items would i need to file out?





Appreciate any help.

Do I need to file Schedule C?
I'm not sure but you do have to claim your inventory if you did not close the business prior to 2007 even if you did not sell any inventory. It is still considered an asset. I would consult with an accountant on this.
Reply:If you were in possession on inventory that you did not sell, can you not write off the depreciation?
Reply:its sounds like no you do not if you had no expenses cant see what you would fill out

phlox