I've had a sole proprietorship for years and deduct expenses on multiple vehicles used for this business. I recently "converted" the sole prop to an LLC. The LLC has a new EIN and business name, hence a separate schedule C to fill out.
I will continue using the same vehicles in service of the new LLC, but am not sure how to manage that in TurboTax. I'm not really selling the vehicles, or converting to personal use. Instead I'd like to use them for the sole prop up to a certain date, then switch to the LLC.
Do I have to set up a pretend "sale" from one business to the other to make this happen, or is there a simpler way? If I don't set up a sale how do I adjust the basis once I relist the vehicles in the LLC schedule C? Presumably all depreciation taken before must be subtracted out?
