How to enter transfer of rental property to LLC?

[JS2019]

Hi,

We contributed our rental properties to our newly formed LLC in 2019. Should l check the properties were "disposed" box in turbotax? If not, how to report it? Also, where I can quickly find the carryover basis that I need to input to the turbotax business? In turbotax business, how to enter related depreciation schedule for the house and other assets such as appliances etc.?

[Carl]

Is this a multi-member LLC that will file it's own tax return on IRS Form 1065? This matters, because if it's a single member LLC that gets reported on SCH C, then *NOTHING* changes. Not one single penny of rental income or expenses gets reported on SCH C.

[JS2019]

Thanks， Carol. Yes, this is a multi member Delaware LLC registered in MA (my hubby and myself 50/50) thus needs a 1065. We filed jointly for 1040 as well. 

[JS2019]

I am clear about the 1065 filing requirement but not clear about the process particularly in turbo tax to move the depreciation data from the 1040 to the 1065.

[ckell]

What is the process of transferring rental property from husband and wife to husband and wife LLC? I KNOW a 1065 is required and will produce a K-1 for our return, but how do we show this on our return?  And where is the expense of creating the LLC shown etc.?