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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?
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‎June 4, 2019
8:12 PM