Should I delete rental property that I "transferred" to an LLC effective 1/1/2016 (Rental activity for 2016 including depreciation will be reported on LLC K-1)?

[akingiii]

LLC with 2 members was created at end of 2015 to own the rental property. Each of us had accounted for our 1/2 of the property on our individual tax returns for 2015 and before. Turbo tax remembers this and is calculating depreciation for 2016. How do I stop this? We will recognize appropriate depreciation on the rental property on appropriate LLC forms. 

[akingiii]

Actually I was wrong on the dates. LLC was created at end of 2014, and rental property transferred to LLC (at net book -no cash) effective 1/1/2015. Turbotax is calculating deprecion for 2015 since just carrying forward rental property from prior years. How do I stop depreciation since depreciation is now coming thru LLC?

[PatriciaV]

Because you owned this property throughout 2015, you should include the activity on your return (don't delete it). To remove a Rental Asset for the future, you must indicate that you "sold or disposed" of this asset during the year.

Return to the Rental and Royalty Summary page and "edit" the property you transferred to the LLC. Continue through the interview until you see "Do Any of These Situations Apply to This Property?" This is where you indicate that you disposed of the property in 2015 (see screenshot below). TurboTax will ask you about the disposition. How you report the  transfer will depend on how the contribution to the LLC was handled, the value received, etc.

[akingiii]

Thanks, but I had dates off by one year... See details added to original question.

[PatriciaV]

Use a disposal date of 1/1/2015. No depreciation should be reported and the property should not transfer to your 2016 return.