Changed my business address from home to renting an office as well as changing from a sole proprietorship to a single member LLC, What do I do in Turbotax Premier

h787 — Thu, 06 Jun 2019 15:27:53 GMT

I had a home office for my sole proprietorship reported on my schedule C. In July I switched to a single member LLC and moved to my business to an office which I rent. How do I account for these changes in Turbotax Premier?

Since you changed your entity classification to a single...

CarolC — Thu, 06 Jun 2019 15:27:53 GMT

Since you changed your entity classification to a single member LLC, everything pretty much remains the same. You are still able to report your business income and expenses on a Schedule C.

However, you will need to update the name and address of your business in the self-employment section of TurboTax. You will need to add your Employer ID Number as well. Your office rent will be a business expense reported on Line 20b - amounts paid to rent or lease other property, such as office space in a building.

You will report your home office expenses up to the date you moved in July. Next year, you will report that you no longer have a home office.

topic Changed my business address from home to renting an office as well as changing from a sole proprietorship to a single member LLC, What do I do in Turbotax Premier in Business & farm

Changed my business address from home to renting an office as well as changing from a sole proprietorship to a single member LLC, What do I do in Turbotax Premier

Since you changed your entity classification to a single...