I am 74 and have had a photography business (formerly weddings, now just portraits) for 22 years. I recently got into astrophotography, hoping to shift into marketing images of galaxies, nebulae, etc. as an extension of my business. I invested about $10,000 in astrophotography gear and have taken a business deduction for it for the past two years.

I am now reevaluating my goals and thinking it's probably time to close down altogether since I am not actively marketing for any aspect of the business and am just ready to retire. Would there be tax consequences regarding those deductions?

Thanks for any help.