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Updated almost 3 years ago,
How to file Sch E when moving rent to LLC mid year
Hello - My rental property has been rented for most of last year. In the middle of the year we moved it from our personal names to an LLC. The LLC was opened up in both my name and my husbands. Do we file one LLC and continue as normal on our 1040 or do we have to create a new schedule E from when the property became an LLC. And since the LLC is under both of our names do we have to create two Schedule Es under the LLC to reflect each of our shares and split everything 50/50? Thanks!