I transferred a rental property to an LLC after consulting with my current lender they approved. The LLC has two members, my wife and I. We don’t live in a community property state but the property and LLC is in a community property state. Would this be considered a disregarded entity based on the location of the LLC and property? If not, do I proceed in turbo tax as if I converted the property back to personal use and then do the business version for the portion of the year it was in the LLC?
It was deeded into the LLC in November so 2 months in 2020.
