My wife and I have a rental property that had income for the first few months of the year, before we transferred the property to an LLC (partnership between wife and myself). We are filing a 1065 for the LLC. The question is, where should we show the income for the property before it was transferred to the LLC?
-Can we simply assign all the property income for the year to the 1065?
-Or do we need to separate income prior to the LLC into personal taxes Schedule C, and income after the LLC in the 1065?
Thanks
