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Updated about 1 year ago, 11/03/2023
Tax questions for the Rental property after transfers title from personal to LLC
My Sister and I bought rental property on April 2020, and it listed and rented start on July 2020. On June 2022, we established LLC and transferred title from our personal name into LLC.
1. Do we need to split the depreciation between our personal tax and LLC tax? Because we started LLC mid-2022. 5 months for personal tax, and 7 months for LLC tax.
2. For the gross income from rent in 2022, Do we need to split them as well between personal tax and LLC tax?
3. Do we need to do finish our LLC tax first, then split income from LLC between my sister and I? And use the income from LLC to do our personal income tax.
Thank you.