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Level 1
posted Jan 7, 2022 6:21:38 PM

How to show in Turbotax sole proprietorship LLC Transferred to my wife, 1040 filling jointly

Dear community,
In 2021 I updated the documents for one of my sole proprietorship LLC. I renamed the company and transferred it to my wife to use in her business.
My LLC has no assets/debts; it wasn't used in 2021 during my ownership.
What do I need to fill in the TurboTax to show it in our 1040 joint tax form?
Thank you so much for your answers.

0 2 595
1 Best answer
Expert Alumni
Jan 7, 2022 8:01:41 PM

You can simply update the Business Profile for the business you used to use to show your spouse as the owner and edit the Employer Number if you have one for the new business.

2 Replies
Level 12
Jan 7, 2022 7:33:42 PM

Transfers between spouses are tax free. In TT I think you only need to enter the new name and tell the program it's your wife's business.

Expert Alumni
Jan 7, 2022 8:01:41 PM

You can simply update the Business Profile for the business you used to use to show your spouse as the owner and edit the Employer Number if you have one for the new business.