I own a part of a rental property as a tenant in common (TIC) that I got through a 1031 exchange (second property since the original 1031 was done in 2006). I have everything in Turbo Tax and have filed a Schedule E for the last two years (used a CPA before then). I received a note from the property manager saying "We are rolling several TIC members for our properties into the Limited Partnership this year which will enable you to receive a year end K-1 rather than having to track your tax filings separately." They have my depreciation schedule from last year. Will this create issues for me when I file my 2019 taxes? Will I have to reenter a lot of data from past years, or do anything to change how my Turbo tax account deals with it given it "knows" the property through Schedule E filings? It's my only investment property, it is owned by my revocable living trust, and I do not actively manage it.
Any help would be appreciated as I don't want to agree to something now and have it bite me from a paperwork or record-keeping perspective come April... Thanks.
