Hi everyone,
I have a question for my S-corporation which was formed on 01/04/2022 in California
and operated there until 01/28/2025(terminated)
and with same name, same EIN started in VA on 01/29/2025.
From 01/01/2025 to 01/28/2025, the company had $1,500 of income and $3,500 of expenses for CA part since termination date is 01/28/2025.
As in prior years, the company also has depreciation on three assets. The in-service date for all three assets is 2023. Two assets (furniture and equipment) were moved to Virginia, while the office improvements remained in California as part of a rented office.
The S-corporation has only one shareholder has been resident as of 01/01/2025 in VA. On 01/28/2025, I formed the S-corporation in Virginia, and on the same day terminated/withdrew the S-corporation from California.
I understand that I should file one federal return and two state returns (California, short-term and Virginia, short-term as well).
I need help understanding how to correctly file the federal, California, and Virginia returns, making sure that California income is limited to the 28-day period. The numbers in CA return and VA return are different the Federal return!! Also, what should I do for depreciation assets, and how about the two K-1s? can enter two k-1 under one company in his 1040?
