Assets partially depreciated in one ll were transfered over to a new llc. need help setting up these assets on TT

[heffercan]

my accountant reported the date in service dates incorrectly for my new llc, which received the assets from another llc that is now dissolved

[TaxGuyBill]

Are you the only member of the LLC, and filing on Schedule C?
Or are there other members, and you are filing a Partnership return (or you elected to file as a corporation)?

Why do you think the "placed in service" dates are wrong?

[heffercan]

12/31/2014 ended a 4 partner llc (mom, dad, husband and I) Husband and I restructured the same business under a new llc with just us two partners, and we were given the equipment etc in exchange for our land holdings (land ownership) of that now dissolved llc.  I am looking at 2015 tax return and my accountant used the original Date In Service for the assets (equipment/livestock) from the old 4-member llc.  When I try to plug in the assets in TT, it is not allowing me to use the old dates since THIS new llc (husband and me) was established in 1/1/2015.

[TaxGuyBill]

I don't know much about Partnerships, but it seems like the accountant did it correctly.  This article says "The partnership uses the depreciation method and remaining depreciable life used by the transferor."
<a rel="nofollow" target="_blank" href="http://www.thetaxadviser.com/issues/2014/apr/casestudy-apr2014-vm.html">http://www.thetaxadviser.com...>

I suspect that you will need to manually do things in TurboTax.  You can probably go into "Forms" mode and enter the information directly on the Asset Entry Worksheets.  TurboTax may still give you an error and you would need to file by mail, but that would probably do it.

[Rick19744 · Accepted solution]

The general rule is that property distributed from an LLC taxed as a partnership "carries over" to the distributee member; holding period, method, depreciation recapture, etc.

Where this gets complicated is property in many cases gets a "substituted basis".  The adjusted basis of the property distributed needs to be compared to the basis the member has in the LLC.  In many cases, these amounts don't agree. When that occurs, you need to adjust the basis of the assets received to agree to the basis you had in the LLC.  If the accountant also did this or looked at this, then all should be fine.  If this was not done, then you need to have some professional help in getting to the correct "substituted basis" of the assets received.

I would then follow TGB's advice on how to enter the assets for the correct placed in service dates.