@RobertB4444 wrote:
When you transfer properties between individuals - or between individuals and LLCs - it counts as a sale. The LLC receives the value of the property and you receive an interest in the LLC equal to the value of the property.
You need to show this as a disposal in order to remove the rentals from your tax return. You can show it as a sale or transfer at the exact value that the properties currently have so that there is no gain or loss.
The IRS is looking for those properties on your tax return so this is how you inform them that they will no longer be there.
No, no, no.
While it is possible that the Partnership actually bough the properties from the Individual, there is no indication that was done.
Generally, an individual Partner can do a tax-free contribution to a Partnership.
If the property was not sold, it should NOT be entered as a sale in TurboTax and should NOT show up as a sale on the tax return.
