All Forum Posts by: Armin Shivazad

Jason, thank you for the reply. I believe I understand your explanation for the 1065 and the adjusted cost basis so thank you for that. 

My other question is can you please explain how to remove the building and depreciation reported under the individual tax return when transferring the property to be recorded under the partnership return? The reason for my question is how to deal with the depreciation that I took already under my individual 1040? Does that have to somehow be removed?

Again, thanks for the explanation and your time.

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. 

Hi all,

I am in the process of closing on a rental property and there is a tenant in place that wants to stay after the closing. He has been there for 4 years and is interested in renewing with me. I saw on the public court records that he owned a house but between 2009 and 2015 he has had issues paying his mortgage and credit card bills and finally in 2015 he was granted bankruptcy and his house was foreclosed. The previous landlord said he has paid his rent on time for the past 4 years.

My question from the group is would you avoid starting a lease with the tenant knowing he had bankruptcy and foreclosure in 2015? Also, would you screen the tenant again if the previous landlord has recommended him? 

Thanks a lot