Schedule C assets to 1065

[Opfor77]

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.

[IRonMaN]

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.

[Opfor77]

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]

You betcha!