Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Feb 19, 2024 9:16:17 PM

I have used Turbo Tax Business to file for an LLC for years & now changed to an S-Corp. I must enter all the data from scratch. How can I enter prior purchased assets?

0 1 358
1 Replies
Expert Alumni
Feb 20, 2024 8:50:16 AM

Enter each asset under the Business Assets section. You will need the Depreciation Report from the last LLC tax return. This report provides the in-service date, cost, and prior depreciation taken. The accumulated depreciation for this year is the total of Current plus Prior Depreciation shown on the report.