Closing an LLC but continuing consulting under own name

[kwyjibop]

Hello!

My LLC for consulting closed on Dec 31, 2019 in CA; however, I will be continuing the same line of consulting work but being paid to my own name and not to my LLC.

How do I mark this in TT? Do I need to mark my LLC closing in Fed and CA TT? And can the excess home office expenses that have been carried over the past two years under the LLC be carried over to 2020 when the office itself is exactly the same?

This is a complicated situation for sure!

Thank you!!

[smarttees]

if you're filing Sch C because you're the only member of your LLC then it's easy.....Turbotax will ask you if you've sold or disposed of the business.....but you continue on as a sole prop instead of an llc.....be sure to file to dissolve the llc in CA.

[txorpayer · Accepted solution]

Assuming it's a single member disregarded LLC, it's not complicated at all.  Your expenses are reflected on your Schedule C and have nothing to do with being an LLC or not.  The only thing you really need to do is make sure the LLC is properly dissolved with the state.

If your LLC has a corporate election then it's a different story. 

[kwyjibop]

Thank you! It's a single-member disregarded LLC (husband-wife acting as sole member), so no corporate board.  CA LLC cancellation form has been sent, and all is good.  Phew!