I'm using Turbo Tax Home & Business and TT Business for the Multi Member (2) LLC. Business has been a Sole Proprietorship since 1998, but mid year 2016 I changed the entity to an LLC (new EIN and FL state LLC filed). I've always claimed a Home Office with Office equipment and depreciation using TT Home & Business.. I'm using TT Business to obtain my 1065/K1s, so it's not just as easy as making an entity change; I'm starting an LLC and Ending the SP. But all the Office Supplies need to move to the LLC.
The SP is not selling the Equipment, Not Gifting, Not Destroying, etc, etc, - the only thing I can see to do is convert them to Personal Use and then Contribute them as my portion of Capital Contribution to the LLC at FMV - while the 2nd member matches the amount with Cash.
Will this fly with the IRS or is there a better way?
Thank you!
