Schedule C assets to 1065

Forum|Forum|3 years ago
March 9, 2023
1 reply
11 views

Client had a schedule c until 6/1/22. Changed schedule c to 1065 partnership on 6/1/22. How do I transfer the assets from schedule c to 1065 without showing the assets sold in a fully taxable transaction? Also, where do I show the schedule c either as inactive, or as shutting down? Can't locate the proper areas for this in the software.

ProSeries Professional

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IRonMaN

Level 15

A taxable transaction isn't created by transferring schedule C assets into a partnership. Go to the asset entry worksheets and enter a sales date of 6/1/22 but leave the selling price box blank. There is nothing to mark on the schedule C to indicate it is a final return. And as a side note, the assets get transferred to the 1065 at net book value.

Slava Ukraini!

O

Opfor77Author

Level 5

Thank you. I was stuck on that showing as sold when I put in the date for the assets. You cleared that up, thank you. That makes sense, I wasn’t sure if there was a box to check for the end of a schedule C. I’ve used other tax software‘s that has something like that. Thank you!

IRonMaN

Level 15

You betcha!

Slava Ukraini!

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