Solved: My son closed LLC in VA and transferred 100% to new LLC in NC. He is sole owner of both LLCs. How do I handle this in TurboTax?
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My son closed LLC in VA and transferred 100% to new LLC in NC. He is sole owner of both LLCs. How do I handle this in TurboTax?

 
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My son closed LLC in VA and transferred 100% to new LLC in NC. He is sole owner of both LLCs. How do I handle this in TurboTax?

They are two separate business entities and require two separate returns. Be certain not to use the EIN issued to the Virginia-based LLC for the new entity in North Carolina.

If they are single-member LLCs, with your son as the sole member, they are disregarded entities for tax purposes and can be filed as two separate Schedule Cs on his Form 1040 tax return.

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My son closed LLC in VA and transferred 100% to new LLC in NC. He is sole owner of both LLCs. How do I handle this in TurboTax?

They are two separate business entities and require two separate returns. Be certain not to use the EIN issued to the Virginia-based LLC for the new entity in North Carolina.

If they are single-member LLCs, with your son as the sole member, they are disregarded entities for tax purposes and can be filed as two separate Schedule Cs on his Form 1040 tax return.

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My son closed LLC in VA and transferred 100% to new LLC in NC. He is sole owner of both LLCs. How do I handle this in TurboTax?

I’m asking for the steps in TurboTax on how to remove the partially depreciated assets from one LLC and add them to the new LLC.  He has two separate EIN’s.  The are both LLC’s so are both included in his one 1040 filing as two separate Schedule C's
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