My business partner and I purchased a rental home together in 2018 in our names. Now in 2019, we've deeded it over to the LLC we each own 50% of. It looks like this should qualify as a Sec 721 transfer, so the basis, holding period, and everything should stay the same.
Do I need to call-out anywhere on our 1065 that this happened? Or do I just begin realizing the income and expense starting when we signed the deed over (Feb 15th, 2019)?
