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I have 4 rental mobile homes. started an LLC on October to take care of them. How do I move them from rental property to the LLC?

moving rental property to LLC
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MaryK4
Expert Alumni

I have 4 rental mobile homes. started an LLC on October to take care of them. How do I move them from rental property to the LLC?

If you are being taxed as a Single Member LLC, you can continue reporting on your Schedule E.  If you are treating your LLC as a partnership or corporation, you will have to close out your Schedule E rentals and start reporting on a 1065 or appropriate 1120.

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