If you set up the multi member LLC as a partnership or corporation then ....
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. No it cannot ... in the personal program you will remove all the assets by converting them to personal use on the date of conversion. Then on the partnership return the asset is added but this can be the confusing part ... https://www.thetaxadviser.com/issues/2014/apr/casestudy-apr2014-vm.html
2. On our personal tax, will this count as a $0 "sale" of the rental properties? It is not reported as any kind of sale.
3. Is the process straight forward or should I plan on hiring a tax professional for the 2021 taxes? The personal return should be easy ... but setting up the 1065 or 1120-S may take more effort and using a local pro would not be a bad idea.
