I don't know much about trusts. But I do know it can matter what kind of trust and how you've set it up. Another big factor can be what state you are in, as laws on this can and do differ state to state. So if you can provide those details, hopefully someone can provide you some useful feedback.
The below is guidance on what part I know. But don't do this yet until you get a response from another more knowledgeable on trusts.
To show the removal from your personal tax return, you'll indicate it was converted to personal use at least one day before it was transferred to the trust. You must also work through each individual asset in the Assets/Depreication section to show your disposal of each individual asset. For each asset, you'll indicate "I stopped using this asset in 2023" and on the "Special Handling Required?" screen you'll click YES. If you click NO, then you will be "force" to enter sales information. There was no sale or any other type of tax reportable transaction here. So do NOT click the NO button.
If you claimed any vehicle use at in time while you were reporting this rental on your personal tax return, you'll need to work through the vehicles expenses section to show the disposal of the vehicle to. (also, removed for personal use).
Once all this is done, this will be the last year you will report this property on SCH E as a part of your personal tax return. Instead, the trust will report all rental income, expenses, insurance payments, property taxes, mortgage interest, and anything else associated with the business property.
