Hello,
I am posting this question after I have read through this thread: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/rental-property-trans...
Last year in July 2021, I transferred a property that was joint owned by me and my wife to a multi-member partnership LLC with just 2 members at 50%/50%: me and my wife. The transfer was not technically a "sale"; it was just a deed transfer. So no money was exchanged.
I understand these so far:
- I need to file a 1065 for the income/deductions for the property after the LLC conversion time. I have already done that.
- I have the K-1 generated for me and my wife using Turbotax Business.
So far so good.
---
Now I am filing our personal married filed jointly 1040 taxes.
As I am stepping through Business > Business Income and Expenses, I am in this section for the property that got transferred to LLC: "Do Any of These Situations Apply to This Property?".
I don't see an option that looks like "deed transfer".
Should I pick the "Sold: I sold or disposed of this property in 2021?"
Thanks!
