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jaymejeep
New Member

How do I change ownership of a family business in turbo tax? I need to know how to end the business on her taxes and add it to mine.

Im concerned because she is not selling it to us, we will still operate the same way we just want me listed as owner. The change was in Aug so now I need to close out her side and open mine I think, 

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7 Replies
IreneS
Intuit Alumni

How do I change ownership of a family business in turbo tax? I need to know how to end the business on her taxes and add it to mine.

How is the family business organized?  sole proprietorship, partnership, S-Corp, or Corp?
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jaymejeep
New Member

How do I change ownership of a family business in turbo tax? I need to know how to end the business on her taxes and add it to mine.

sole pro llc
jaymejeep
New Member

How do I change ownership of a family business in turbo tax? I need to know how to end the business on her taxes and add it to mine.

Im talking tax wise, what do I have to do.
IreneS
Intuit Alumni

How do I change ownership of a family business in turbo tax? I need to know how to end the business on her taxes and add it to mine.

You should get legal advice about changing the ownership of the family business, particularly since it is a sole proprietorship.

A sole proprietorship is tied to its owner. Legally they are the same. There are no registration requirements to transfer the business; however, some legal aspects of the transfer deserve consideration.

For a discussion of this topic, please see the following article: 

How to Transfer Ownership of a Sole Proprietorship


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How do I change ownership of a family business in turbo tax? I need to know how to end the business on her taxes and add it to mine.

And since it is a state registered limited liability company, your state may have legal paperwork to process.  Up to dissolving the existing LLC and creation of another.  While a single owner LLC is a disregarded entity for federal purposes, it likely is not to the state.
jaymejeep
New Member

How do I change ownership of a family business in turbo tax? I need to know how to end the business on her taxes and add it to mine.

I understand that I'm talking about tax wise how do I do that.
IreneS
Intuit Alumni

How do I change ownership of a family business in turbo tax? I need to know how to end the business on her taxes and add it to mine.

You basically enter a new Schedule C with you as the sole proprietor.  It is a brand new entity.  On the previous proprietor's return she enters that she stopped doing business in 2018.
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