Hello, I had a single member LLC which I elected to be treated as a S Corp by filing Form 2553. I am trying to fill out my business information in TurboTax Business and have arrived at the Business Asset Summary section. I had Asset A, which I purchased in 2019 for $424, and in the years up to 2022, they depreciated $249.
When I enter in the assets into the business asset summary, should I be entering in the 2019 date as the date it was placed into service, and specify the amount of previous depreciation? If so, how do I compute AMT depreciation? Or is it considered an asset that was placed into service on 01/01/2022 with a value of $175?
Also, since I am electing to be treated as a S Corp (starting 01/01/2022), do I need to do anything on my personal return (e.g. indicate that I closed my LLC business)?
