LLC transfer on schedule C
I started an LLC for my son when he was 16 in my name. He just graduated college and I transferred it to his name Jan 1 2025 using Form 8822-B and using Indiana INBiz portal for the LLC itself. That's all done.
I just want to make sure I'm doing this correctly in TurboTax. I've answered the questions that I've transferred this business for $0. I also checked the box that it had less than $20k in assets and value. Which is true. If I do the math he probably has around $10k in equipment and if he tried to truly sell it, he'd get zero buyers other than he could clear the equipment for $10k and that's it.
He had a couple assets that were still depreciating. I'd really like to just zero that out, but it seems like TT guided me to take a last year depreciation, even though I wasn't doing anything with this business or assets in 2025.
Any help would be appreciated. Anything else I might want to check to make sure I close this out properly? I haven't looked at the schedule C in depth yet, I've just answered the TT questions.
