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Get your taxes done using TurboTax
You have several issues that need to be addressed and using a paid tax pro this year is a wise choice.
1) the rental that was transferred to the partnership ... you have to take the rental out of service but you will not sell it
2) the rental you gave away ... it also needs to be taken out of service but not sold AND you have to file a gift tax return (not supported by TT) AND give the receiver information on the rental for their cost basis use
3) you have a partnership return that must be completed by 3/15 and the LIVE help option will not help you and you need a totally separate BUSINESS program to complete the form 1065 and produce the required K-1 forms for each partner.
‎January 7, 2023
1:19 PM