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Level 1
posted Feb 27, 2021 5:10:44 PM

How to enter disposal of business asset by giving to shareholder upon business closure

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

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1 Best answer
Level 8
Mar 1, 2021 4:02:32 PM

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.

1 Replies
Level 8
Mar 1, 2021 4:02:32 PM

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.