turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Moved rental property to LLC (2 members, not married) during 2022. Do I have to report income on personal tax for partial months and rest on LLC?

Owned rental with a friend and moved that in March under TX LLC (both myself and friend). 

- Do we report 2 months income and expense as rented for 60 days personally and let LLC show rest of 10 months?

- Do I show it as sold or disposed of or not on my personal?

I know that Schedule K will need to be added from LLC as gain or loss, but not sure how to handle first 2 months income.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
RobertB4444
Expert Alumni

Moved rental property to LLC (2 members, not married) during 2022. Do I have to report income on personal tax for partial months and rest on LLC?

If the start of the LLC is two months into the year then yes, you'll show the first two months on the same form as last year and then a disposal of the rental property at the exact amount of the basis (no gain or loss).  Then the LLC will begin depreciating it at the adjusted basis that transfers at the end of that two month period.

 

@justcool 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies