Rental Property transfer to LLC

[cstoney04]

In subsequent years after it was " converted to personal use" for the transfer to the LLC, do we then delete the properties from the schedule e tthb since all of the rental information after the transfer is populated in the schedule k1 of TT business?

[PatriciaV]

Yes, if the rental property appears on your return for the year after the transfer, you may remove it. However, if the "disposal" was properly reported, TurboTax should remove the property automatically. This includes all historical information, so heed Champ Carl's advice of 11/9/2022 and print at least the depreciation report for the property. The new entity may need some detail in the future that is lost when the property is deleted from TurboTax. 

@cstoney04 

[cstoney04]

Ok. Thanks. Tthb did not carry-over my long capital loss and it's constantly pointing me to last year's return to get 179 carryover data so I wasn't sure what the software is meant to do vs what it actually does.