Thanks for your response. I did file an extension on the business waiting to see how to address this transfer of the properties from rental to LLC. In another Q&A, it said to process as a sale in personal return at current nbv and reflect that as the contribution for the LLC. Now that I did that, I am not sure what to do with the carryover losses. I think I would consolidate the PY losses from the transfer property with the PY LLC losses since its a transfer of the property. (its from a joint return to an LLC). Does that make sense? Do you agree?
The "sale" of the property on our personal return has generated depreciation and a deductible rental real estate loss. I do not know how this gets calculated as the transfer was done 1/1/2024 using the values in 2023 filing. Is this correct? Should I override these?
Thanks again and I appreciate any assistance!
