@george_sacramento wrote:
I'm in a similar situation: My brother and I own six rental properties together and file a 1065 for the general partnership. This year, I'm giving him sole ownership of one of the properties (so he can sell it) and he's giving me sole ownership of another property (so I can keep it).
How do we distribute these two properties to the individual partners, and how to we remove them from next year's 1065? I opened up TurboTax Business and looked at "Partner/Member Info" and the box for partner distribution is for a dollar amount. As for removing the rentals from the partnership, I can't find an option other than "Dispose of Rental Real Estate Property," which will trigger a gain.
Any help would be greatly appreciated.
You should contact Customer Support (link below) for assistance with this matter since removing assets that are being depreciated without otherwise generating a 4797 (which you do not want) will most likely require one or more entries in Forms Mode (on the Asset Entry Worksheets).
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
