Question
How do I report single member LLC used for rental property that has not had the property moved into it yet?
I have had rental properties for several years under my name that I've been reporting on Schedule E. In 2023, I created 2 LLCs, but the properties have not yet been moved into the LLCs.
On one Turbo Tax state return, it asks if the property is in the LLC to file the LLC tax paperwork, but the property has not yet been moved to the LLC. How do I report it?
I do not have to file a state return for the state the other LLC is in. How do I report this one?
How does Federal treat these? I want to keep the income on schedule E.
