JBalchun
Returning Member

Does depreciation start over when you move a property into an LLC?

In 2024 I moved my rental properties into individual LLCs. One of those properties is owned by my brother and me. Multi member LLC and I'm starting to fill out the 1065. In the depreciation section, the purchase date of the property is 2018 and the LLC started in 2024. TurboTax won't allow that. How do I handle the depreciation?