I'm looking for information relating to transferring depreciable assets to a sole member LLC
For the tax year 2020 as a Sole Proprietor I owned depreciable assets which I rented to clients.
For 2021 I formed a single member LLC.
I would like to transfer the depreciable assets to the LLC and begin billing rentals through the LLC.
These assets
My questions
How does this transfer effect 2020 depreciation for my sole proprietorship taxes?
How does this transfer effect my 2021 depreciation for the LLC?
Are specific forms that necessary to make the transfer official?
