Transferring Rental Property as. New Asset

[Whippoorwill]

My wife and I recently formed an equal partnership LLC for a paid for rental house. We transferred the title and insurance into the LLC. No money changed hand as it was a transfer. One of the new assets I am adding in is the rental house. When adding Adding Assets, one of the questions is How Much Did This Asset Cost? Even though we technically did not buy or sell, should I use the adjusted basis + improvements made & transfer costs? Thanks

[Anonymous_ · Accepted solution]

You will be using exactly the same basis as the LLC's adjusted basis (i.e., it is a carryover of everything, including accumulated depreciation).