Thank you for your response! Apologies, I don't think the reply answers the question being asked.
To clarify, we are a husband and wife partnership LLC. We moved the property from ourselves to our LLC for potential liability reasons. We have reported this rental property on our K1.
What we're trying to figure out is how this should be entered into Turbo Tax. Looking at the screenshot I posted above, should we be entering the fair market value of the property? Or should we be entering 0, since this was sold for no net loss, no net gain (We transferred from ourselves to ourselves)? We're trying not to screw up our base and avoid getting taxed twice on the value of the house when we go to sell.
I hope that makes more sense. Thanks!
