@Carl
We transferred the property to an LLC mid year. We know how to enter the depreciation information on our personal tax return and dispose the property properly. I followed your instructions on how to enter the property in the 1065 and how the business should have a start date prior to the first day the property was put in business. However, when I enter the prior depreciation on 1065 to be the total of previous years + the depreciation taken on the individual return for 2020, Turbo Tax business is giving me the wrong depreciation number. It's giving me depreciation for all of 2020 instead of just the portion of the year to where the LLC owned it.
If the property was moved to the LLC on January 1st and no depreciation was deducted on our personal tax return, then it would have been easy to enter it because the LLC can capture the full year depreciation. Do you recommend doing that? Although, we didn't transfer the property until October 2020 but for tax purposes, it seems like it would be the same.
