https://ttlc.intuit.com/community/taxes/discussion/how-to-enter-disposal-of-business-asset-by-giving-to-shareholder-upon-business-closure/01/2001374#M730440 <P>My partner and I closed our LLC. The LLC owned a vehicle that was fully depreciated. Upon closing, we transferred the title of the vehicle to be under our names. How do we enter the disposal into TurboTax? There is no option like transferring or giving to shareholders. Thank you</P><P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="Screen Shot 2021-02-27 at 4.56.31 PM.png" style="width: 996px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/17367iC284DDE5A0AF307A/image-size/large?v=v2&amp;px=999" role="button" title="Screen Shot 2021-02-27 at 4.56.31 PM.png" alt="Screen Shot 2021-02-27 at 4.56.31 PM.png" /></span></P> Sun, 28 Feb 2021 01:10:44 GMT snapan 2021-02-28T01:10:44Z https://ttlc.intuit.com/community/taxes/discussion/how-to-enter-disposal-of-business-asset-by-giving-to-shareholder-upon-business-closure/01/2001374#M730440 <P>My partner and I closed our LLC. The LLC owned a vehicle that was fully depreciated. Upon closing, we transferred the title of the vehicle to be under our names. How do we enter the disposal into TurboTax? There is no option like transferring or giving to shareholders. Thank you</P><P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="Screen Shot 2021-02-27 at 4.56.31 PM.png" style="width: 996px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/17367iC284DDE5A0AF307A/image-size/large?v=v2&amp;px=999" role="button" title="Screen Shot 2021-02-27 at 4.56.31 PM.png" alt="Screen Shot 2021-02-27 at 4.56.31 PM.png" /></span></P> Sun, 28 Feb 2021 01:10:44 GMT https://ttlc.intuit.com/community/taxes/discussion/how-to-enter-disposal-of-business-asset-by-giving-to-shareholder-upon-business-closure/01/2001374#M730440 snapan 2021-02-28T01:10:44Z https://ttlc.intuit.com/community/taxes/discussion/re-how-to-enter-disposal-of-business-asset-by-giving-to-shareholder-upon-business-closure/01/2012693#M730441 <P>You should actually select "Sold" and enter the information as a zero dollar sale since you've fully depreciated the asset. You did not give it as a gift as you cannot "gift" your own item to yourself. Since you were both partners, the vehicle in essence belonged to both of you.</P> Tue, 02 Mar 2021 00:02:32 GMT https://ttlc.intuit.com/community/taxes/discussion/re-how-to-enter-disposal-of-business-asset-by-giving-to-shareholder-upon-business-closure/01/2012693#M730441 WendyN2 2021-03-02T00:02:32Z