I have used Turbo Tax Business to file for an LLC for years & now changed to an S-Corp. I must enter all the data from scratch. How can I enter prior purchased assets?
I have used Turbo Tax Business to file for an LLC for years & now changed to an S-Corp. I must enter all the data from scratch. How can I enter prior purchased assets?
Enter each asset under the Business Assets section. You will need the Depreciation Report from the last LLC tax return. This report provides the in-service date, cost, and prior depreciation taken. The accumulated depreciation for this year is the total of Current plus Prior Depreciation shown on the report.
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