We are selling a rental property owned by our LLC. After it is sold, the 1065 Partnership will be retaining tools and equipment that were purchased over the years and listed on this particular property's Form 8825 (Rental Real Estate and Expenses). This was mainly because we did not know where else to put them. Of course, the appliances, and depreciable items related directly to the building will be sold with it and accounted for after the sale. The Partnership will still be generating income from investments and will be considering purchasing another property eventually. We guess the real question is how to move the retained tools and equipment to the LLC without incurring a taxable event? We use Turbo Tax Business. Thanks
