Yes, transferring a rental property to an LLC has no tax implications as long as you record the transaction properly. TurboTax will help you with these entries, both on your personal return (Schedule E) and for your LLCs. You will need to split your income and expenses at the point of transfer yourself. TurboTax will calculate depreciation expense, however, based on the time the property was owned by each entity.
Schedule E (Form 1040): Report that you stopped using this asset on the date of the transfer. Indicate this requires special handling as a conversion to personal use. Choosing this option allows TurboTax to record the change without a gain or loss.
How you report these properties for your LLC depends on the type of LLC you have, some continue to report on Schedule E (Form 1040), others report on a business return. See this post for specific help: Where do I report rental activity for an LLC?
Here's a summary of how to record these transfers in TurboTax: How do I enter a rental property I contributed to a partnership or LLC?
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