Where do I enter information for transferring assets for dividing an LLC?

jjstrem · ‎February 9, 2024

Two continuing LLCs with the same ownership as the prior LLC.

Rick19744 · ‎February 9, 2024

Please provide some additional details on what exactly occurred.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

PatriciaV · ‎February 12, 2024

You cannot "transfer" assets in TurboTax. Instead, you'll need to "sell" the assets from the old LLC and enter them again as assets for each new LLC.

This is a complex and tedious process, and you may consider upgrading to TurboTax Live. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.

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Where do I enter information for transferring assets for dividing an LLC?