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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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How would you report the 2 EIN's?
Regular schedule F had EIN for employees
SMLLC also has EIN (new) for employees.
If they are on the same SCH F then you cannot list both EIN numbers
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@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.
