I've had a sole proprietorship for years and deduct expenses on multiple vehicles used for this business. I recently "converted" the sole prop to an LLC. The LLC has a new EIN and business name, hence a separate schedule C to fill out.
I will continue using the same vehicles in service of the new LLC, but am not sure how to manage that in TurboTax. I'm not really selling the vehicles, or converting to personal use. Instead I'd like to use them for the sole prop up to a certain date, then switch to the LLC.
Do I have to set up a pretend "sale" from one business to the other to make this happen, or is there a simpler way? If I don't set up a sale how do I adjust the basis once I relist the vehicles in the LLC schedule C? Presumably all depreciation taken before must be subtracted out?
You don't need to do anything except include the LLC EIN. Your LLC is a disregarded entity and is still the same Schedule C business.
My LLC is a single-owner entity (not a partnership), and was created mid-year. I have 1099-NEC payments to both my old sole prop and my new LLC. Are you saying I can track all of that on a single Schedule C and continue reporting business vehicles the same as I did last year?
My sole prop simply uses my SSN while my LLC has an EIN and new business name.
I was under the impression I needed to create a new Schedule C for the LLC, hence my concern about how to expense the same business vehicles against both Schedule C's. If I only need a single Schedule C that would be great!
No, you do not. It is still the same business. Your creating of an LLC changes nothing for a single-member LLC. Here is another answer saying the same thing.