The_AntiTax_Man
Level 8
04-03-2024
12:53 PM
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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.