If this question has been asked before, please point me to that Q&A for the correct answer. Details:
- Purchased a rental SFR, placed it in service on 05/2021.
- Total property basis = $127,505
- Original depreciable basis, net of land = $86,133
- Depreciation is straight line over 27.5 years
- Accumulated depreciation until 12/31/2022 = $5,090
- Property was reported on our own 1040 schedule E (MFJ situation)
- On 1/1/2023 title to the property transferred to a newly established partnership [LLC], we are the only 2 members.
Using Turbotax Business to enter all partnership info including this property and create a 1065.
Specific questions:
1) Do I tell TT this property was placed in service on 05/2021 or on 01/2023? Turbotax is upset about a property placed in service before the partnership was established...
2) What do I tell TT is the depreciable basis ?
3) Where and how do I tell TT about the previous accumulated depreciation?
4) How do I convince TT to continue calculating the annual depreciation [= $3,132] and the accumulated depreciation correctly ?
5) What if anything am I missing in this context ?
