Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

9
Posts
0
Votes
Leewood Chan
0
Votes |
9
Posts

Tax questions for the Rental property after transfers title from personal to LLC

Leewood Chan
Posted

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.

Loading replies...