Thanks for the reply. The DST sponsor will indeed work with individual investor to, at the very least, transfer the individual's cost basis info of the contributed assets to the K-1. My question, specifically, is how do I make the transition from reporting the DST income under the "Rental Properties and Royalties" category (1099-MISC) to the "Business Items" category (1065)? I assume the DST entry under the "Rental Properties and Royalties" category must be removed since I stop using it under that category. But how do I PROPERLY remove it? What's the disposition? It's not a sale since I didn't sell it, it merely got transferred/contributed to the new partnership. Looks like there's a section under "Asset/Depreciation" where I can indicate that I stopped using the asset but I am not sure if it's the right place for this. Some guidance on how to navigate this in Turbo Tax would help. Also, even after properly removing the DST from "Rental Properties and Royalties", there still seems to be some missing steps to link-up the new partnership with the terminated DST. Unlike a 1031 exchanges where Turbo Tax does have built-in sections for, I didn't find anything similar for 721 transactions. That's why I had previously asked whether there's a specific form to report 721 transactions. If not, then I guess I must provide my own statements to provide details of the the missing link?
