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H
Heather L
Level 2
March 30, 2024
Question

Farmer transferred assets

  • March 30, 2024
  • 2 replies
  • 12 views

I had a farmer who started an LLC and began operations at half year. Both operations have employees (same ones) and everything switched on July 1. Is there anyway in proseries for the depreciation to be figured for half year and then the assets transferred to the new Farm LLC?

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2 replies

sjrcpa
sjrcpa
Level 15
March 30, 2024

Is it a SMLLC disregarded for tax purposes?

The more I know the more I don’t know.
    H
    Heather LAuthor
    Level 2
    March 30, 2024

    Yes SMLLC same ssn - new EIN 

      sjrcpa
      sjrcpa
      Level 15
      March 30, 2024

      Personally I'd put it all on one Schedule F.

      CAGMC

      The more I know the more I don’t know.
        The_AntiTax_Man
        The_AntiTax_Man
        Level 7
        April 3, 2024

        @Heather L  Was there a Bill of Sale listing all of the assets that transferred into the LLC?  Did any debt get transferred into the LLC?  Be sure to look for and address any debt over basis issues with any asset & debt transfers into the LLC. 

        The remaining depreciation deducted whether reported on Schedule F #1, or Schedule F #2 will not likely change the net taxable income on the return.  

         

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