I transferred one of my rental properties into an LLC using a Quitclaim Deed mid-year. Do I continue to record all rental-property-related income and expenses the same way that I did before the transfer (by inputting them under my rental properties in TurboTax Premier), or should I indicate the property has been "sold" under the rental property section in TurboTax Premier and begin inputting it as a business asset of the LLC?
Likewise, now that the property has been officially transferred to the LLC, do I issue 1099-MISC from my personal SSN/Tax ID or the LLC's EIN?
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If the LLC is not incorporated then the rental continues to be reported on the Sch E ... it is a disregarded entity so nothing changes. All you did was a legal name change which is not reported on an income tax return.
If the LLC is not incorporated then the rental continues to be reported on the Sch E ... it is a disregarded entity so nothing changes. All you did was a legal name change which is not reported on an income tax return.
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