The best way generally is to make a non-liquidating distribution of the property (return of capital) to the partners. The partners then make a contribution to the new LLC of the adjusted property basis. None are taxable events. You should consult a real estate attorney to make the correct steps of ownership.
Be advised if the title moves from LLC to LLC that will be a taxable event (sale) whereas a distribution (return of capital) to the partners is not a taxable event.
In TurboTax business for the WY Partnership LLC in the Federal Taxes tab edit the rental property and go to the assets section. Select that you disposed of a property. Show that you "disposed of the property by other means". Enter the date and take note of the original cost, the depreciation and the adjusted basis. You can print the depreciation summary to show information as well.
Next, in the Business Info tab, the partner info section, you will show a distribution of the adjusted basis share for each partner.
In the TX LLC you will contribute that adjusted basis amount for each partner in the Business Info tab, the partner info section. In the rental property tab you will enter the property/assets with the original date and costs and accumulated depreciation so that the new ownership LLC now has the same adjusted basis and depreciation continues.
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