Changed jobs & states. Depreciation from property listed under dissolved LLC

[B_Eliv]

Hello! I originally posted this in "get your taxes done," but wasn't getting any answers/feedback. I was hoping I could get some help here!

I moved from California to Tennessee for a career change the first of the year in 2023. I no longer participated in "LLC," (owned by me, and I am the only member) which is listed in California from there on out. I finally got around to dissolving "LLC" 3/9/23. I have been self employed, working as a sole proprietor in Tennessee all of 2023, in a completely different line of work.

-I still own said rental properties.

-The properties have always been reported on my Schedule E, on my personal return (started by an accountant long ago). All my real estate is listed under "LLC" business tab (see attached).

-I dissolved "LLC" because I moved and that is no longer the line of work I am in, and also to save the $800/year filing fee in California as well.

-The property titles have always been in my name, and still are.

For a years, I have been filing my rental properties (all in California), under "LLC," taking depreciation each year, so my questions are:

-Do I add another business under "Business Income & Expenses," to add my new venture's 1099's etc, and move all my rentals to this field? Is there an easy way to do this?

-Do I leave the "LLC" business listed and the only thing I do here is check off "this business was sold or disposed of this year?"

Thanks in advance!

[PatriciaV]

Since you have always owned the properties yourself and reported the rental activity on your personal tax return, you do not need to change anything other than perhaps the name of the business under Rental Properties in TurboTax.

If you look at your prior year return, your name and SSN appear at the top of Schedule E. The addresses of the rental properties identify each activity for reporting purposes. It's unlikely that the LLC is mentioned for your rental properties.

You would need to change the business name if you reported this activity on Schedule C. But since that isn't the case for your situation, you should be fine continuing as you have been.

Finally, there is no need to report the dissolution of your LLC to the IRS. You have already done this for California.

[B_Eliv]

Thanks @PatriciaV !  I ways confusing myself, as I thought that the properties were under the business field. Im making it harder than it needs to be haha.

To futher clarify, could I edit the current "LLC" field to my own name and social for the current business I am in now? It will make it easier so I can continue using my vehicle, office expenses, etc. as they're all pretty similar.

Thanks again!

[PatriciaV]

Yes, you should be able to edit the business name and tax ID number for a Schedule C business. The name change is allowed because you were the sole owner of the LLC.