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Level 1
posted Apr 11, 2024 7:03:43 PM

Schedule C - moving business tax implications

I have moved my LLC from one state (NY) to another (NC) because I personally relocated and I am unsure I am filing taxes correctly.  I have separate EIN numbers for each and created a separate schedule C for each.  Transition happened in August when I dissolved the NY LLC and established the NC LLC.  I am filing state returns in both NC and NY.  So my questions are: 1. How do I designate it is the final return for my NY LLC?  2. Do I need to do anything regarding the assets for this transition (they are minimal as I am a photographer) as my business will still use the same stuff only now under a 'new' LLC consistent where I live?   Thx in advance.

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1 Replies
Employee Tax Expert
Apr 15, 2024 8:46:10 PM

1. When you go over the questions for the NY LLC Schedule C, there will be a question about how long you've worked that business. The second choice will allow you to indicate that the business was closed (see screenshot). 

 

2. If you have fixed assets reported under your NY LLC, I suggest you "sell" them, and then "place them in service" under NC LLC, maintaining the same basis and prior year depreciation claimed.