o let's say the property was $56,884 and the land was $6,320. Total depreciation while in LLC#1 was $690. How do I enter this asset transfer to LLC#2 in TurboTax without showing it as a sale?
I am assuming $56,884 includes the land. From that total subtract $690 and you have $56.194. Assuming this property is equally owned by both partners, each partner's property contribution value will be half that, or $28.097.
I am having an issue getting to where I enter the acutal property itself. I keep getting looped back to the Business Info tab and told to enter the property there. However, there is no where to enter the property under the business info tab, or any other tab or sub-tab for that matter. So at this point, I'm lost.
@TurboTaxSee flagging you on this.
