Question

Balance sheet for new s-corp

Forum|Forum|2 years ago
February 6, 2024
1 reply
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I quit claimed my rental properties to my newly formed LLC. Because the value of said properties is over 250K I am required to do a balance sheet. When I enter the "Buildings and depreciable assets" in the assets section of the balance sheet, where do I offset that in the liabilities section?

TurboTax Business Windows

PatriciaV

Record the same amount in the Partner/Member Information >> Member Capital >> Property Contributed to the LLC. You'll find this under the Business Info tab in TurboTax Business. Your entry here will flow automatically to Partners' capital accounts on the Balance Sheet.

The transfer of title to your LLC is a contribution, which increases your basis in the LLC. The entry would be a debit to Depreciable Assets and a credit to Partners Capital.

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