How to figure in "Sale" for rental prop transfer

[MAERIN]

In 2019, my wife and I purchased a residential home that we used for renting to family first, then to other individuals. We have taken some depreciation on it in 2019, and haven't filed 2020 yet. 

In 2020, we formed an Member Managed LLC in July, and transferred the property title to the LLC in September. (Note: We went through the bank and got a commercial loan and insurance with liability coverage, so all that is covered and legit.)  That transfer was done via a Real Estate Transfer and a signed Warranty Deed. 

The question is, when I'm filing the TT Biz account paperwork, it asks for how much the LLC purchased the property for. Does that mean how much it was originally purchased for, how much it was valued at, or something else entirely? TT won't let me enter a "$0" and then the subsequent land value, and I don't want to put down something wrong. 

Also, depreciation. Does it start over since the title was transferred or does it count what we did as individuals beforehand? 

What say you, oh wise Hive? 😉 

[M-MTax]

The property goes into the LLC with the same basis as you have.....everything carries over

[MAERIN]

Thanks for the quick reply. So, just to be clear, I need to enter the date of purchase and amount of purchase as per the original purchase (in 2019), even though the LLC didn't exist then? 

Also, I would count the original purchase price of the house, not figure in depreciation either? 

Thanks so much!

[npierson7]

You'll need to enter the date of purchase and original price of the house minus depreciation deduction that was taken in 2019. It will be the basis of the transferred property.

[Nebmuzik]

Perfect! Thank you for completing the answer!