recently refinance a loan using a Fannie Mae Small Apartment Loan which required me to move my property that was held in a partnership LLC that held multi properties to a new LLC that was a single entity LLC.
Are you still a member of the multi-member LLC? Does the multi-member LLC still exist? Or was it disolved in 2021? Note that a multi-member LLC can not exist with only one member. If there were only two members and one of the members left and a new member did not replace them, the multi-member LLC has to be dissolved with all assets and liabilities disposed of some how.
The ownership for both LLCs is the same (just my brother and I).
Wait a minute. If by "both LLC's" you are referring to the multi-member LLC the property is removed from, and the LLC the property will be placed in, then the LLC the property will be placed in can not be a single member LLC as you identified above, if "just my brother and I" both own it.
From what I read on the forum, the multi-member LLC is a "pass-through" entity, so the IRS does not see it as any change in ownership, even though we moved it to a new single entity LLC on deed.
That is correct. But the way I'm understanding your post is very confusing.
If this is the case, do I just move the current depreciation table from my old LLC to the new one.
Nope. Not that easy. Generaly rule of thumb with taxes: If it was easy, you did it wrong. 🙂
If so, how do I close the property out on TT Business with the old LLC and how would I move the depreciation schedule over to the new LLC.
You don't "move" anything per-se. The multi-member LLC needs to be disolved and the 1065 along with the K-1's marked as "final". All assets need to be disposed of - usually by distribution to the members in a manner consistent with their ownership percentage in the multi-member LLC. Unless you have some special kind of multi-member LLC that you set up, for a 2-member LLC all assets/liabilities are distributed 50% to each owner.
Now I myself am not that "up to snuff" on the 1065 return stuff when it comes to dissolution. But I do have somewhat of a clue how to deal with the property when it comes to entering it on your personal 1040 tax return. With a filing deadline of March 15 for your final 1065 and final K-1's, you need to deal with that first and foremost. You can't even start your personal 1040 return until the 1065 is done and all K-1's are issued.
