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Here’s how to handle the depreciation:
Calculate your basis in the property before the transfer. This should be easy if you have last year's depreciation schedule. If you don't, the formula for calculating the basis is:
Purchase price
Plus: selling expense/other adj
Less: Depreciation
Adjusted Basis
Use this as your new basis for the property on Form 1065. The transfer date in 2024 will be the purchase date.
@Shannon B1 wrote:
Use this as your new basis for the property on Form 1065. The transfer date in 2024 will be the purchase date.
No, not for a Partner's contribution to a Partnership. It continues on using the original Basis, original placed in service date and the prior depreciation.
TurboTax is faulty and gives errors. You need to know how to do work-arounds to avoid the error messages.
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