Changed from sole proprietor to single member LLC disregarded entity mid year, how do I transfer the assets if I am still the owner and nothing really changed?

[aesparza6]

have used turbo tax to file schedule C's for years and every year it transfers to the new Turbo Tax, so all the assets and inventory from last year have been imported.

[JulieR]

You will not need to transfer anything.  You will continue to file your return on Schedule C as you have in the past. If the business name was changed due to the LLC filing you will update it in TurboTax and you'll need to enter the Employer identification number (EIN) if one has been obtained.  The easiest way to update this information is to switch to the Forms view (Ctrl+2) and enter it directly on Schedule C (see sample screenshot below)

[aesparza6]

The sole proprietorship had employees and the final 941 was submitted to the irs. The limited liability company has a new EIN and has been reporting wages under this new EIN since July 01 2018. Won't this affect how the wages are reported to the IRS and won't the LLC have an inflated amount since it will now show wages reported for a full year when the IRS only has wages reported by the LLC since July 01, 2018?

[JulieR]

My answer was based on your initial question that said "nothing really changed".  Since you've now clarified that the business has been reporting the wages under a new EIN, you will need to enter the LLC as a new company on your return.  You will need to treat the assets on the original business as out-of-service as of the date of incorporation then re-enter them as assets of the LLC.  

[aesparza6]

do I assign a value when I put them out of service and also when I enter them into the new LLC company in TurboTax

[JulieR]

The basis of the assets in the new company would be their original cost basis minus the depreciation taken when held in the old company.

[aesparza6]

where will this info be on turbo tax and I assume that same value I enter when I put the assets out of service in the sole proprietorship? What do I do regarding the inventory we had at the time of entity type change?