Good morning,
I'm new to doing our own business, an LLC, taxes for a rental property. Mid 2020 is the first time we've rented the property. I was originally doing things under "rental property", got stuck and a Turbo Tax expert said that we needed to do it under Turbo Tax business since my wife and I are 50/50 partnership in our LLC.
So I paid for and downloaded Turbo Tax Business. And I'm stuck at Member Capital. In particular, under "Property Member contributed to LLC".
Here's why; this condo was our personal residence, we lived there for many years, since 2007, paid off the mortgage, decided that it was time for a change, bought a house, and decided to rent the property. In doing so, our former accountant recommended that we transfer the property to our LLC via a quitclaim deed. So we did. So basically, we gave the property to our LLC- so far so good.
Now under "Property Member Contributed to the LLC" would that be $0 since it was given to the LLC, half (because it's a 50/50 partnership) of fair market value (according to Truila, Zillow, etc), half of what we bought it for in 2007 or something completely different?
Thank you very much
