@Mona2025 wrote:
Instead of the rental properties being transferred(sold) to LLC now they will be listed in SCHEDULE C because services were rendered in 2024 vs before they were rental properties under SCH E.
Delete the asset in the rental/Schedule E asset.
Enter the asset in Schedule C using the original "placed in service" date and the original Basis (cost). In most cases, it will now be depreciated over 39 years, rather than 27.5 years.
For anybody that disagrees with my comments, look at Regulation §1.168(i)-4(d).
