I have a couple of questions.
1. I purchased a primary residence 2004 and converted to a rental in 2014. Would i use the cost basis from the purchase in 2004 or 2014? The Value in 2014 when the rental was placed into service was less than the 2004 purchase.
2. Also Where do I report the increase in basis from property improvements made over the years
3. Where do I report the passive activity loss carryover from my personal return for this? the state CA considers this a pass through since married couple owns the LLC. We do file a 1065 for the LLC
4. Looks like I need to correct the cost basis how would I make this correction? I transfered the rental into an llc in 2014 and file on Turbotax Business form 1065.
Thanks your help is greatly appreciated
