LLC Elected as S-Corp - How to Handle Depreciating Assets

[Arkitect]

Hello, I had a single member LLC which I elected to be treated as a S Corp by filing Form 2553.  I am trying to fill out my business information in TurboTax Business and have arrived at the Business Asset Summary section.  I had Asset A, which I purchased in 2019 for $424, and in the years up to 2022, they depreciated $249.

When I enter in the assets into the business asset summary, should I be entering in the 2019 date as the date it was placed into service, and specify the amount of previous depreciation?  If so, how do I compute AMT depreciation?  Or is it considered an asset that was placed into service on 01/01/2022 with a value of $175?

Also, since I am electing to be treated as a S Corp (starting 01/01/2022), do I need to do anything on my personal return (e.g. indicate that I closed my LLC business)?

[Anonymous_]

The corporation’s basis in the contributed assets is equal to the contributing shareholder’s basis in the property before the transfer, increased by any gain recognized by the shareholder.

[Arkitect]

So just to clarify, I would then consider it an asset that was placed into service on 01/01/2022 (the first day that the LLC was treated as a S-Corp) with a value of $175?

[Anonymous_]

The date it was actually placed into service.

[Arkitect]

Okay, so then I will put in the 2019 date?  And then for the following entries, does this look correct:

Placed into service: 12/2/2019

Enter the amount you paid for this asset: $424

Depreciation - all prior years: $249

[Anonymous_]

Whatever date the assets were placed into service, yes.