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Investors & landlords
I can state that the property needs to be treated as "disposed of" in the Rental Real Estate section of the program so that depreciation stops (for the LLC) on the date of the transfer.
I believe the applicable checkbox is something like "disposed of by some other means".
Of course, as mentioned, a distribution (of property) needs to be made in the program and balance sheet adjusted (if one is being maintained).
‎September 13, 2024
12:42 PM
26,809 Views