My LLC was organized in 2015 based on a hobby. I have several pieces of equipment that I would like to transfer into the LLC's ownership. I would like to be able to claim the FMV of this equipment as a either a startup expense or depreciate it's value over time. If I do this will the IRS be looking for that same equipment FMV to be represented under barter income on my personal income?
You'll need to sign in or create an account to connect with an expert.
A couple of things to note:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
lili958874
New Member
taxdoofus
New Member
star11212
New Member
GL_in_ATL
Returning Member
Joan2k
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.