Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
D
dgoodwin2
March 14, 2025
Question

If was self employed and change to S corp. How do I show everything coming to S Corp

  • March 14, 2025
  • 1 reply
  • 0 views
I filed 2023 as self employed and start 1/1/2024 S Corp, how do I show transfer of Fixed assets, inventory?

    1 reply

    PatriciaV
    PatriciaV
    Employee
    March 19, 2025

    All the assets of the new company are considered to be contributions from the shareholder(s). If you have only one shareholder, then the total becomes your basis in the S-Corp (first purchase of stock). 

     

    If you need to include a balance sheet, the assets and inventory would be in the Assets portion and your stock/paid-in capital under Equity.

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification