Responses to your questions:
- When property is contributed to a partnership (LLC taxed as a partnership), it is a step into the shoes type transaction. The date placed in service is the date placed in service when owned individually. Yes, this may cause TT some confusion.
- As noted in response 1, everything just carries over for tax purposes for the LLC. No change in basis.
- You provide this information when entering the asset into TT.
- If you provide the correct information, most likely using the forms mode as noted by @Anonymous_ , this should provide the correct figure.
- Don't believe you are missing anything. TT software is aimed at the masses and sometimes has difficulty in more complicated scenarios. Just keep in mind, this is a step into the shoes transaction. Nothing changes for the asset; basis the same, life the same, depreciation method the same, placed in service the same.
- If you have difficulty, call TT for assistance.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
