I dissolved my LLC mid-year and now operate the business as a Schedule C sole proprietorship. I have indicated in TurboTax that this is the final return for the LLC. The program is saying I need to dispose of the LLC assets. Inventory is the only asset but does not show in the Asset list under Disposal. How do I properly indicate that the inventory has been sold, at cost, to myself as an individual?
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Thanks for the quick reply, CHAMP!
This was a multi-member LLC - a partnership between my wife and myself, taxed as a partnership. So technically "we" dissovled the LLC.
At the end of 2019 balance sheet assets were just inventory on hand and cash in a couple of accounts. Unfortunately, I have not produced a balance sheet for the end of 2020 at this time.
Any further guidance is most appreciated.
Sorry, I mean Rick, not CHAMP.
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