I had some rental property which I gifted in 2022 to a LLC I formed in 2022. How do I handle that on Turbotax

[dee31064]

I formed a LLC with four members (one of which is my wife) in 2022. I also gifted some rental property I owned as an individual to that LLC in 2022. That LLC also sold that property in 2022.  How do I report this on my taxes.

[xmasbaby0]

You are posting from TurboTax Live.  You can arrange for the Live help you are paying the extra fee for with your questions from 5 a.m. to 9 p.m. Pacific time.

https://ttlc.intuit.com/questions/4124827-how-do-i-connect-with-a-tax-expert-in-turbotax-live

[Critter-3]

You have several issues that need to be addressed and using a paid tax pro this year is a wise choice.

1) the rental that was transferred to the partnership ... you have to take the rental out of service but you will not sell it

2) the rental you gave away ... it also needs to be taken out of service but not sold AND you have to file a gift tax return (not supported by TT) AND give the receiver information on the rental for their cost basis use

3) you have a partnership return that must be completed by 3/15 and the LIVE help option will not help  you and you need a totally separate BUSINESS program to complete the form 1065 and produce the required K-1 forms for each partner.