My husband and I have rented our a property for years and have always filed income/expenses on Schedule E.
The year saw (2023) a big change. The property was occupied from Jan 2023 - Aug 2023 as usual, however, in September 2023 we had to obtain an EIN (long story) for a multi-member LLC which now requires us to file form 1065. We're in the process of filling out form 1065 but we are at a loss on what the start date should be (since we have had this property for years), how to calculate the depreciation (since we have had the property for 20 years) and what income/expenses to claim on this form 8825.
1) Would the statt date be Sept 2023?
2) We have been depreciating the property on Schedule E for years, so how can we determine how much to appreciate on form 8825 if the start date for the LLC is September 2023?
3 Do we only claim the income/losses from Sept 2023 thru Dec 2023, while claiming the inccome from Jan-Aug on our personal income taxes?
Please help.
