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Updated 8 months ago,
Depreciation from individual to partnership/LLC
Hi all,
I had purchased a long term rental in 2022 with myself and spouse as the original owners. We took the depreciation on our personal tax return in 2022. We transferred the title of the property to an LLC where both myself and spouse are 50/50 partners. We reside in FL. This year (2023) we are trying to figure out how to do the tax return for our partnership/LLC because the previous year (2022) the depreciation was on our personal return but now the depreciation needs to be on the partnership. How can we move over the prior depreciation from personal return to the partnership?
Thanks for your time in advance.