What do I need to enter in TurboTax if a rental property I co-own with family members was "assumed" by an LLC last year?

[honem]

I co-own a rental property with 2 other family members. We're located in different states, and the property is in a state (NY) of which I am NOT a resident. Last year, an LLC was formed to take ownership of the rental property. The other family members handled that transaction & are filing the LLC return. They sent me a K-1, which I've entered into my personal return. There was no net income for the property last year as it is undergoing a big renovation. I have 2 questions:

1) What do I need to do with my current Schedule E in TurboTax for that property, since it is no longer owned as an individual? 

2) Do I need to file a NY state non-resident return even though the LLC had no net income? 

[CherylW · Accepted solution]

1)  Mark it sold in your interview.  To get there:

1.  Click Federal on the left-hand side menu.

2.  Click Income & Expenses across the top.

3.  Scroll down to Rentals, Royalties, and Farm and click Show more.

4.  Click Start or Revisit by Rental Properties and Royalties (Sch E).

Click Continue till you get to the screen below, and mark it as being sold.

2)  File a NY state non-resident return if your New York adjusted gross income Federal amount column (Form IT-203, line 31) exceeds your New York standard deduction

[honem]

Thanks so much, Cheryl!