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rballiet3
New Member

I have a rental property that was put into an LLC on 1 Jun 2016. How do I adjust the depreciation for the first 5 months when it was in my name.

 
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TaxGuyBill
Level 9

I have a rental property that was put into an LLC on 1 Jun 2016. How do I adjust the depreciation for the first 5 months when it was in my name.

If it was put into a Single Member LLC (just you), nothing changes on the tax return.  Just keep reporting it like you always have.

If it was put into a Multi-Member LLC, who are the other LLC member(s)?  What State?

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4 Replies
TaxGuyBill
Level 9

I have a rental property that was put into an LLC on 1 Jun 2016. How do I adjust the depreciation for the first 5 months when it was in my name.

If it was put into a Single Member LLC (just you), nothing changes on the tax return.  Just keep reporting it like you always have.

If it was put into a Multi-Member LLC, who are the other LLC member(s)?  What State?

View solution in original post

rballiet3
New Member

I have a rental property that was put into an LLC on 1 Jun 2016. How do I adjust the depreciation for the first 5 months when it was in my name.

Other member is my brother 50%.  LLC is in AZ
rballiet3
New Member

I have a rental property that was put into an LLC on 1 Jun 2016. How do I adjust the depreciation for the first 5 months when it was in my name.

Other member is my brother 50%.  LLC is in AZ
TaxGuyBill
Level 9

I have a rental property that was put into an LLC on 1 Jun 2016. How do I adjust the depreciation for the first 5 months when it was in my name.

Then you probably need to file a Partnership return, which is a completely separate tax return, using separate software (actually, I recommend a tax professional for at least the first year).
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/...>

For your personal return, you will say you disposed of the rental property and converted each "asset" to personal use.

Partnerships can be complicated, so I do recommend a tax professional for AT LEAST the first year to set things up correctly.
<a rel="nofollow" target="_blank" href="https://irs.treasury.gov/rpo/rpo.jsf">https://irs.treasury.gov/rpo/rpo.jsf</a>
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