I transferred a rental house (and associated fence and loan fees that were being depreciated or amortized) from a SMLLC to myself via quitclaim deed, and then a month later transferred that house via quitclaim deed from myself to a MMLLC.
My question is: in TurboTax Business (the tax return for the SMLLC) how do I enter the transfer from SMLLC to myself? From what I have read, this should not be a taxable event. In TurboTax I went into "Dispose of Rental Real Estate Property". I have three assets: house, fence and loan fees. For the "house", I selected "disposed of by some other means" and it seems to work fine, i.e there was no loss or gain. But for the "fence" when I selected "disposed of by some other means", TT calculated a loss, which I think isn't proper. And for the "loan fees" TT didn't give me the option "disposed of by some other means" so I had to select "sold" but that's not proper either (and TT calculated a loss). So how can I properly enter the transfer of these assets in Turbo Tax so it doesn't calculate it as a taxable event?
