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- Re: Schedule C assets to 1065
Schedule C assets to 1065
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Opfor77
Level 4
03-09-2023
10:11 AM
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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.
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3 Comments 3
IRonMaN
Level 15
03-09-2023
10:27 AM
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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!
Opfor77
Level 4
03-09-2023
10:34 AM
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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!
