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J
jjstrem
February 9, 2024
Question

Where do I enter information for transferring assets for dividing an LLC?

  • February 9, 2024
  • 2 replies
  • 0 views
Two continuing LLCs with the same ownership as the prior LLC.

2 replies

Rick19744
Rick19744
February 9, 2024

Please provide some additional details on what exactly occurred.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.
PatriciaV
PatriciaV
February 12, 2024

You cannot "transfer" assets in TurboTax. Instead, you'll need to "sell" the assets from the old LLC and enter them again as assets for each new LLC. 

 

This is a complex and tedious process, and you may consider upgrading to TurboTax Live. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.

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