I transferred a rental property from myself to my own texas LLC. The LLC is designated as a disregarded entity, and to my knowledge does not need a 1065 return. Turbotax (personal return) asks me if I sold/disposed of this rental property. What should I say?Thanks
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Your transfer to a single-member LLC (or two member LLC if both members are married and filing a joint return) changes absolutely nothing what-so-ever, since the IRS sees your LLC as a disregarded entity. You still report your rental income & expenses on SCH E. Unless you have non-rental related income/expenses in your LLC, you have nothing to report for your LLC and a SCH C is not required.
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