Question

LLC Transferred

Forum|Forum|2 years ago
February 13, 2024
1 reply
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What tax forms need to file when an LLC is transferred for no exchange of money or property?

There were three prior governors (i.e. A, B, and C). Ownership of these governors was split evenly. Two of the prior governors transferred their full ownership to a single governor plus a new governor (i.e. A and B transferred all of their ownership to C and D). The current governors are a married couple and ownership is split evenly.

TurboTax Home & Biz Windows

PatriciaV

If the transfer occurred within the same LLC, you would report a change of ownership in TurboTax. Add new members as needed then adjust ownership and profit/loss percentages accordingly.

If a new LLC was formed, you would report any changes in the old LLC (or file a final return). Then create a new return for the new LLC.

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