My wife and I own rental properties in Ohio. We transferred ownership of those properties to a new LLC in June 2021. While we had previously used TurboTax Premier (filing jointly), I understand that we now have to use the Business edition for the LLC taxes and the Premier edition for our personal taxes (along with a half year of rental ownership). Since we wholly own the LLC, we did not receive any money from the LLC when we transferred ownership.
1. Can the Business edition import all the rental property information from the 2020 TuboTax files? I am particularly concerned about the assets and their depreciation.
2. On our personal tax, will this count as a $0 "sale" of the rental properties?
3. Is the process straight forward or should I plan on hiring a tax professional for the 2021 taxes?
Thanks!
