H-H
New Member

If I transfer/sell equipment that I personally own to my LLC do I have to claim the FMV as personal income if I want to claim the equipment as a business deduction?

My LLC was organized in 2015 based on a hobby.  I have several pieces of equipment that I would like to transfer into the LLC's ownership.  I would like to be able to claim the FMV of this equipment as a either a startup expense or depreciate it's value over time.  If I do this will the IRS be looking for that same equipment FMV to be represented under barter income on my personal income?