topic I have a rental property that was put into an LLC on 1 Jun 2016. How do I adjust the depreciation for the first 5 months when it was in my name. in Investors & landlords

I have a rental property that was put into an LLC on 1 Jun 2016. How do I adjust the depreciation for the first 5 months when it was in my name.

rballiet3 — Thu, 06 Jun 2019 10:34:02 GMT

TaxGuyBill — Thu, 06 Jun 2019 10:34:03 GMT

If it was put into a Single Member LLC (just you), nothing changes on the tax return. Just keep reporting it like you always have.

If it was put into a Multi-Member LLC, who are the other LLC member(s)? What State?

rballiet3 — Thu, 06 Jun 2019 10:34:05 GMT

Other member is my brother 50%. LLC is in AZ

rballiet3 — Thu, 06 Jun 2019 10:34:06 GMT

Other member is my brother 50%. LLC is in AZ

TaxGuyBill — Thu, 06 Jun 2019 10:34:07 GMT

Then you probably need to file a Partnership return, which is a completely separate tax return, using separate software (actually, I recommend a tax professional for at least the first year).
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/</a>

For your personal return, you will say you disposed of the rental property and converted each "asset" to personal use.

Partnerships can be complicated, so I do recommend a tax professional for AT LEAST the first year to set things up correctly.
<a rel="nofollow" target="_blank" href="https://irs.treasury.gov/rpo/rpo.jsf">https://irs.treasury.gov/rpo/rpo.jsf</a>