Follow-up question for Unit 1 (reminder: ownership starting Jan 2021; deed transferred to our partnership LLC #1 in June 2021), for which we have split the rental income between personal/Schedule E (Jan-June) and 1065/K-1 (July-Dec).
- We have filed our 1065 and have the K-1.
- In our personal filing Schedule E/personal assets, we've only entered the expenses pertaining to Jan-June
- But how do we input that the property was transferred to our LLC?
- ie, so that TT adjusts the scheduled depreciation for 2021?
- and stop accounting for depreciation in 1040-Sch E moving forward? (as we'll get that depreciation amount on the 1065/K-1)
Thank you!
