Importing last years sole prop into S Corp this year

[dsprinting]

Last year (2018) my company was a sole prop. In 2019 I turned it into a S Corp. I'm looking to purchase Turbo Tax  Business for S Corp 2019. My question is, will I be able to import my sole prop data from 2018 Turbo Tax Home & Business 2018, into Turbo Tax  Business for S Corp 2019? Any other considerations I should be aware of? Thanks!

[VolvoGirl]

Sorry No.  you can not import or transfer from a personal version like Home & Business into the separate Business program.  You have to start your S Corp return as new, because it is new.  And you will have to close your sole proprietor schedule C properly.  And dispose of the assets and reclaim any depreciation you took.

see this article on closing a business

https://turbotax.intuit.com/tax-tips/small-business-taxes/closing-a-business/L3pbEl8of

[DoninGA]

No, you cannot transfer tax data from one of the personal editions of TurboTax to the Business Edition of TurboTax and visa-versa. 

[dsprinting]

Thank you!!

[Anonymous_]

@dsprinting You should be advised that if you are transferring assets from your sole proprietorship to your S corporation, the transaction should result in a tax-free exchange under Section 351.

Please seek professional tax guidance if you are transferring high-value assets or a significant number of assets.