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Question

What can I put down as the cost of the rental house in Turbo Tax business

Forum|Forum|3 years ago
March 7, 2023
1 reply
0 views

Hi guys and gals.

We formed a LLC last year and moved our rental houses under it.

This is my first year using Turbo Tax business since I have to file partnership for the LLC. We have the houses for rent about 2 years already but we just moved under the LLC mid last year.

How much should I put down as the amount we paid for the asset as the Asset Cost? The amount it will cost today? or the amount we paid back in 2004. I know our house worth way more now.

thanks in advance.

everything moves from personal to the LLC as if the property was always owned by the LLC. by the way if we are each other spouses and you live in a community property state no partnership return is required. you file as you did before.