turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Dissolving a LLC- Getting rid of inventory and assets

My wife and I have an LLC we have as a part time business and we are at the point of our lives we are winding down.

We would like to dissolve our business with about 150k of inventory.
We would like to donate the inventory. Would it be best to Transferring to us and donating personally, or to donate from the LLC in our last year of operation?
Can we transfer the assets that are fully depreciated to us with out any tax gain?

 

Our yearly income is about 75K from our normal working jobs. We have been in business since 2012 and are in California if any of this matters of these details matter. We also do have stocks with about 10-12k income per year.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question