turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

MBEZIO
New Member

Asset Transfers from Schedule E to Form 1065/LLC

In February 2024, I setup a multi-member managed LLC (partnership) and transferred the assets from my previous sole proprietorship reported on Schedule E to the LLC.  The assets transferred to the LLC should retain their depreciable life and basis (simply carryforward). However, when I try to transfer these in Turbotax, the program will not allow for me to enter the original in-service date which precedes the start date of the LLC (i.e., 2/1/2024). Instead Turbotax forces me to enter the in-service date as 2/1/2024 and then depreciates over a new 27.5 year useful life instead of the remaining depreciable life that was transferred over from the sole proprietorship/Schedule E. Is there a way to move forward with these assets transfers in Turbotax with proper accounting treatment? I'm hoping to not to revert to the old pen and paper method if possible. 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies