Hello - I converted a rental property from personal ownership into an LLC this year. It has a number of depreciable assets (appliances, etc.) that are 2-3 years in service, and about a $26K passive loss carry forward. How do I convert the rental property in Turbotax from personal rental to LLC? There appears to be a place to show the $26K passive loss carry forward on the new business screen, but all options on depreciation are for a newly purchased asset which would start the depreciation clock over again. It has a separate EIN, so doesn't seem appropriate to keep it in the "Rental" category.
