Transition from Schedule C to LLC

[osbornel13]

Hello,

I have had a business since 2018. In 2018 and 2019, it was a Schedule C business. January 1, 2020, we converted it to a Multi-partner LLC. I have carryover home office expenses from 2018 and 2019. Can I apply those to the LLC in 2020? Also, what do I use for the "Date business began" in TurboTax... 2018 or 1/1/20?

[JamesG1]

Assuming that you are now reporting as a partnership on IRS Form 1065.  Please clarify.  This article states:

Your sole proprietorship’s assets and liabilities generally will transfer directly to your new SMLLC without your needing to take any further steps.

If you are referring to Form 1065, disclosure E for 'date business began', use 'January 1, 2020'.

[osbornel13]

Yes, we are now reporting as a partnership on Form 1065. Thank you for the information!