HEdwards
New Member

How do I account for a truck that was used for my business as a sole proprietorship but then also continued to be used for my same business once I became a single member LLC?

Since the LLC has it's own EIN, I'm assuming that I need to enter the 2021 income and expenses for each classification of business as two separate businesses on TT (I was sole proprietor for Jan. and Feb., then formed the LLC in March.) I just kept using the same truck, though. Do I enter it as being "sold" for $0 on the sole proprietorship Sch. C and then just add it as a vehicle on the LLC?