We formed a new LLC in 2023. The two members of the LLC owned a rental property as tenants in common and transferred their respective interests in the rental property to the LLC. Each member had been taking depreciation with respect to the rental property for several years before the recent transfer to the LLC.
In Turbo Tax, when trying to add the rental property as an asset of the LLC, the in-service date of the rental property cannot be prior to the date the business of the LLC started (which was 2023). As a result, we are unable to account for accumulated depreciation with respect to the rental property as of the date of the transfer to the LLC, and the depreciation going forward is all screwed up (bc it will not be the same as it would have been if members continued to own the real property individually).
I found several posts that discuss this issue, but did not find an actual fix/solution. Is there one?
