701860
Hello - I converted a rental property from personal ownership into an LLC this year. It has a number of depreciable assets (appliances, etc.) that are 2-3 years in service, and about a $26K passive loss carry forward. How do I convert the rental property in Turbotax from personal rental to LLC? There appears to be a place to show the $26K passive loss carry forward on the new business screen, but all options on depreciation are for a newly purchased asset which would start the depreciation clock over again. It has a separate EIN, so doesn't seem appropriate to keep it in the "Rental" category.
You'll need to sign in or create an account to connect with an expert.
Hi, Where did you put the 26K Passive loss carryforward in Business TurboTax?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
howellw
New Member
naokoktax
New Member
misstax
Level 2
keithl1
Level 2
misstax
Level 2