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Level 2
posted Feb 9, 2024 3:35:08 PM

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

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

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2 Replies
Level 13
Feb 9, 2024 3:55:52 PM

Please provide some additional details on what exactly occurred.

Expert Alumni
Feb 12, 2024 8:51:06 AM

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.