Deductions & credits


@GargoyleGrip wrote:

I'm looking for information relating to transferring depreciable assets to a sole member LLC


There is not much you need to do with respect to transferring since a single-member LLC (without an election to be treated as a corporation) is considered to be a disregarded entity for federal income tax purposes.

 

As a result, all of your depreciable assets will continue to be reported on Schedule C (the same as prior to the establishment of the LLC). 

 

It would be advisable to obtain an EIN from the IRS for the LLC, notify parties with whom you do business (such as insurance companies, et al), and, perhaps, re-title real estate, but you might also want to seek professional guidance (for legal and tax matters). Otherwise, there are no official federal income tax forms for single-member LLCs.

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